If we talk about the advantages of loans, it is impossible to omit the credit lines. The impact that these programs have had on the economy is excellent and has allowed thousands of families to overcome the economic problems and achieve the long-awaited stability, or that some young people are able to develop their projects or even study a university career if it occurs the opportunity.
In any case, the line of credit is in itself an incredible advantage with which a person can count if they maintain a culture of payment and a discipline of self-management. It is an economic tool that is worthwhile to own even when it is not used. Now, what is specifically a line of credit, how can we access it and what benefits could it bring?
A line of credit is an amount of money that the bank offers us to satisfy our needs or tastes and which we can dispose of partially or completely at any time. If, for example, I want to buy some shoes but I do not have the necessary cash to do it, nor do I have funds in the bank account but I know that soon I will be paid the fortnight and I will be able to make up for the deficit of the purchase of shoes, then I will use the line of credit to request only that small amount of money, for which I will be charged certain interest rates.
It differs from ordinary loans in that it is not necessary to request large amounts but only the one that we need exactly. We can repeat the same process a few minutes later when we find a dress or a shirt that we find delightful. Now, if instead of being small purchases we need capital to pay us a great trip, then we can also apply for the money and it will be approved instantly up to the maximum amount agreed by the credit line. Without delays or additional procedures, you will have the possibility of obtaining financing directly and easily.
Remember that the amount of money that you can request in a line of credit can be between € 1,000 and € 2,000. Which, as we all know, is a considerable sum and has the ability to supply several types of needs. That is why this modality has been so strong among users throughout Spain. However, the interest rate that you must pay for the requested amounts is a little higher than the interest rate on a quick loan, so we recommend using this line of credit for small purchases, while loans for large capital.
The period in which you can pay this money obviously varies according to each of the agencies that provide this service, but you can find ranges between 61 days and 4 years. This depends a lot on which agency you choose and therefore you should be very aware of the terms and conditions of each and every one of them when making such an important decision. In this same order of ideas, you can find credit lines plans that adapt to your projects and needs, such as credit lines for small and medium-sized companies or lines of credit for the entrepreneur or individual, etc.