Personal Lines of Credit are offered to individuals by chartered banks to help such individuals consolidate their credit cards, invest or spend the funds as the customer wishes.

The Personal Line of Credit works just like a credit card - it allows its owner to use the banks funds, provided that the client pays the bank interest every month, along with a small portion of the principal.

Interest is only charged on the amount used up by the consumer.

Personal Lines of Credit usually have a limit of between $5,000.00 and $50,000.00. Sometimes PLCs can be secured by personal property such as a house or condo.

The interest rate offered on the Personal Lines of Credit is generally quite lower than that of the credit cards and sometimes is as low as 
7 or 8 percent. 

Sometimes it is possible for individuals and companies to obtain a Line of Credit on their own. But the process usually takes a long time, lots of paperwork is required and the amounts granted are usually quite small.

To begin improving your credit profile and increasing your borrowing ability right away please e-mail us to have an application form forwarded to you