A line of credit is a type of flexible loan from LendNation. Similar to a credit card, it gives you a set amount of money to use when you need it, up to an approved limit. You only pay interest on the amount you borrow, and you can reuse the loan as you repay it.

A revolving line of credit allows you to borrow money up to a certain limit whenever you need it, and repay it over time. After you repay the borrowed amount, that credit becomes available again for you to use. It’s similar to a credit card in how you can continuously borrow and repay. You only pay interest on the amount you borrow, and you can reuse the loan as you repay it.

Applying for a line of credit can be started online or in person at LendNation stores in Kansas and Tennessee. Here is what you will need to complete your application:

• Current US-issued photo ID
• Proof of income
• Bank statement from within last 30 days
• An active checking account
• Current phone number & email address (online)

An unsecured line of credit is a flexible loan from a lender that does not require you to provide collateral, such as property or other assets, to guarantee the loan. This type of credit offers you access to a predetermined amount of funds that you can draw from as needed, up to the approved limit.

Since a line of credit is unsecured, approval is based on your creditworthiness. This includes factors like your credit score, income, and financial history. LendNation lines of credit are popular because of the flexibility in managing cash flow and paying for short-term financial needs.

A line of credit differs from a traditional loan in its flexibility. With a traditional loan, you receive a lump sum of money and make monthly fixed payments until the loan is paid off. A line of credit, however, allows you to borrow up to a certain limit, repay it, and borrow again as needed.

A line of credit can be used for almost anything. It’s particularly useful for ongoing expenses like home renovations, medical bills, car repairs, or even for unexpected emergencies. In most cases, how you use a line of credit is up to you. Start your online application for a line of credit today!

Qualifying for a line of credit involves a credit check to assess your creditworthiness, along with verification of income and employment. Lenders will also look at your debt-to-income ratio to ensure you can repay the amount you are seeking to borrow.

Learn how a line of credit could be a powerful financial tool to help give you the money you need.

Yes, you can usually request to increase your line of credit limit. This generally requires a review of your current financial situation and creditworthiness by the lender. If your financial situation has improved since you first obtained the line of credit, you may qualify for a higher limit. 

Unlike a payday loan that comes with shorter repayment periods, you often have a longer time to repay a line of credit. You are typically required to make minimum payments that cover the interest and possibly a portion of the principal balance. However, you can usually pay more at any time to reduce your balance quicker, without penalty.

If you don’t use your line of credit, you generally won’t owe any money. There are no charges for maintaining an unused line of credit with most lenders, but it’s important to read the specific terms as some might have annual fees or inactivity fees.