{"id":3853,"date":"2024-07-22T18:13:56","date_gmt":"2024-07-22T18:13:56","guid":{"rendered":"https:\/\/www.lendnation.com\/?page_id=3853"},"modified":"2024-07-31T21:51:31","modified_gmt":"2024-07-31T21:51:31","slug":"line-of-credit","status":"publish","type":"page","link":"https:\/\/www.lendnation.com\/resources\/faq\/products-services\/line-of-credit\/","title":{"rendered":"Line of Credit FAQ"},"content":{"rendered":"\n<section class=\"wp-block-group alignfull p-accordion is-style-default has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\" style=\"padding-top:var(--wp--preset--spacing--90);padding-bottom:var(--wp--preset--spacing--90)\">\n<div class=\"wp-block-group l-container has-global-padding is-layout-constrained wp-container-core-group-is-layout-82686151 wp-block-group-is-layout-constrained\" style=\"padding-top:0;padding-right:0;padding-bottom:0;padding-left:0\">\n<p class=\"has-text-align-center is-style-overline theme-color-secondary has-legal-font-size\" style=\"margin-top:0\">LendNation<\/p>\n\n\n\n<h2 class=\"wp-block-heading alignwide has-text-align-center has-display-large-font-size\" id=\"h-line-of-credit-faq\" style=\"margin-top:var(--wp--preset--spacing--20)\">Line of Credit FAQ<\/h2>\n<\/div>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-inline-secondary\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.lendnation.com\/resources\/faq\/\">FAq<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-inline-primary\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.lendnation.com\/resources\/faq\/payment\/\">Payment<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-inline-secondary\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.lendnation.com\/resources\/faq\/loan\/\">Loan<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-inline-primary\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.lendnation.com\/resources\/faq\/account\/\">aCCOUNT<\/a><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group alignwide p-accordion__wrapper is-layout-flow wp-block-group-is-layout-flow\" style=\"margin-top:var(--wp--preset--spacing--50)\">\n<div class=\"wp-block-pb-accordion-item c-accordion__item js-accordion-item no-js\" data-initially-open=\"false\" data-click-to-close=\"true\" data-auto-close=\"false\" data-scroll=\"false\" data-scroll-offset=\"0\"><button id=\"at-38530\" class=\"c-accordion__title js-accordion-controller c-accordion__title--button\" role=\"button\">What is a line of credit?<\/button><div id=\"ac-38530\" class=\"c-accordion__content\">\n<p>A <a href=\"https:\/\/www.lendnation.com\/resources\/wiki\/line-of-credit\/\">line of credit<\/a> 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.<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-pb-accordion-item c-accordion__item js-accordion-item no-js\" data-initially-open=\"false\" data-click-to-close=\"true\" data-auto-close=\"false\" data-scroll=\"false\" data-scroll-offset=\"0\"><button id=\"at-38531\" class=\"c-accordion__title js-accordion-controller c-accordion__title--button\" role=\"button\">What is a revolving line of credit?<\/button><div id=\"ac-38531\" class=\"c-accordion__content\">\n<p>A revolving <a href=\"https:\/\/www.lendnation.com\/services\/line-of-credit\/\">line of credit<\/a> 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\u2019s 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.<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-pb-accordion-item c-accordion__item js-accordion-item no-js\" data-initially-open=\"false\" data-click-to-close=\"true\" data-auto-close=\"false\" data-scroll=\"false\" data-scroll-offset=\"0\"><button id=\"at-38532\" class=\"c-accordion__title js-accordion-controller c-accordion__title--button\" role=\"button\">How do I apply for a line of credit?<\/button><div id=\"ac-38532\" class=\"c-accordion__content\">\n<p>Applying for a line of credit can be started <a href=\"https:\/\/www.lendnation.com\/apply\/\">online<\/a> or in person at <a href=\"https:\/\/www.lendnation.com\/location\/index.html\">LendNation stores <\/a>in <a href=\"https:\/\/www.lendnation.com\/location\/ks\">Kansas<\/a> and <a href=\"https:\/\/www.lendnation.com\/location\/tn\">Tennessee<\/a>. Here is what you will need to complete your application:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Current US-issued photo ID<\/li>\n\n\n\n<li>Proof of income<\/li>\n\n\n\n<li>Bank statement from within last 30 days<\/li>\n\n\n\n<li>An active checking account<\/li>\n\n\n\n<li>Current phone number &amp; email address (online)<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-pb-accordion-item c-accordion__item js-accordion-item no-js\" data-initially-open=\"false\" data-click-to-close=\"true\" data-auto-close=\"false\" data-scroll=\"false\" data-scroll-offset=\"0\"><button id=\"at-38533\" class=\"c-accordion__title js-accordion-controller c-accordion__title--button\" role=\"button\">What is an unsecured line of credit?<\/button><div id=\"ac-38533\" class=\"c-accordion__content\">\n<p>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.<\/p>\n\n\n\n<p>Since a line of credit is unsecured, approval is based on your creditworthiness. This includes factors like your <a href=\"https:\/\/www.lendnation.com\/resources\/wiki\/credit-score\/\">credit score<\/a>, 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.<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-pb-accordion-item c-accordion__item js-accordion-item no-js\" data-initially-open=\"false\" data-click-to-close=\"true\" data-auto-close=\"false\" data-scroll=\"false\" data-scroll-offset=\"0\"><button id=\"at-38534\" class=\"c-accordion__title js-accordion-controller c-accordion__title--button\" role=\"button\">How does a line of credit differ from a traditional loan?<\/button><div id=\"ac-38534\" class=\"c-accordion__content\">\n<p>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.<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-pb-accordion-item c-accordion__item js-accordion-item no-js\" data-initially-open=\"false\" data-click-to-close=\"true\" data-auto-close=\"false\" data-scroll=\"false\" data-scroll-offset=\"0\"><button id=\"at-38535\" class=\"c-accordion__title js-accordion-controller c-accordion__title--button\" role=\"button\">What can a line of credit be used for?<\/button><div id=\"ac-38535\" class=\"c-accordion__content\">\n<p>A line of credit can be used for almost anything. It\u2019s 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 <a href=\"https:\/\/www.lendnation.com\/apply\/\">line of credit<\/a> today!<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-pb-accordion-item c-accordion__item js-accordion-item no-js\" data-initially-open=\"false\" data-click-to-close=\"true\" data-auto-close=\"false\" data-scroll=\"false\" data-scroll-offset=\"0\"><button id=\"at-38536\" class=\"c-accordion__title js-accordion-controller c-accordion__title--button\" role=\"button\">How do I qualify for a line of credit?<\/button><div id=\"ac-38536\" class=\"c-accordion__content\">\n<p>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.<\/p>\n\n\n\n<p>Learn how a <a href=\"https:\/\/www.lendnation.com\/resources\/wiki\/line-of-credit\/\">line of credit<\/a> could be a powerful financial tool to help give you the money you need.<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-pb-accordion-item c-accordion__item js-accordion-item no-js\" data-initially-open=\"false\" data-click-to-close=\"true\" data-auto-close=\"false\" data-scroll=\"false\" data-scroll-offset=\"0\"><button id=\"at-38537\" class=\"c-accordion__title js-accordion-controller c-accordion__title--button\" role=\"button\">Can I increase my line of credit limit?<\/button><div id=\"ac-38537\" class=\"c-accordion__content\">\n<p>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.&nbsp;<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-pb-accordion-item c-accordion__item js-accordion-item no-js\" data-initially-open=\"false\" data-click-to-close=\"true\" data-auto-close=\"false\" data-scroll=\"false\" data-scroll-offset=\"0\"><button id=\"at-38538\" class=\"c-accordion__title js-accordion-controller c-accordion__title--button\" role=\"button\">How do repayments work on a line of credit?<\/button><div id=\"ac-38538\" class=\"c-accordion__content\">\n<p>Unlike a payday loan that comes with shorter repayment periods, you often have a longer time to <a href=\"https:\/\/www.lendnation.com\/services\/line-of-credit\/is-a-line-of-credit-a-payday-loan\/\">repay a line of credit<\/a>. 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.<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-pb-accordion-item c-accordion__item js-accordion-item no-js\" data-initially-open=\"false\" data-click-to-close=\"true\" data-auto-close=\"false\" data-scroll=\"false\" data-scroll-offset=\"0\"><button id=\"at-38539\" class=\"c-accordion__title js-accordion-controller c-accordion__title--button\" role=\"button\">What happens if I don\u2019t use my line of credit?<\/button><div id=\"ac-38539\" class=\"c-accordion__content\">\n<p>If you don\u2019t use your line of credit, you generally won\u2019t owe any money. There are no charges for maintaining an unused line of credit with most lenders, but it\u2019s important to read the specific terms as some might have annual fees or inactivity fees.<\/p>\n<\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-buttons alignwide is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-default\"><a class=\"wp-block-button__link has-text-align-left wp-element-button\" href=\"https:\/\/www.lendnation.com\/resources\/faq\/products-services\/\">Back to Products and Services<\/a><\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>LendNation Line of Credit FAQ<\/p>\n","protected":false},"author":18,"featured_media":0,"parent":2477,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-3853","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Your Guide to Getting a Line of Credit | FAQ | LendNation<\/title>\n<meta name=\"description\" content=\"See what it takes to get a line of credit from LendNation. 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