Line of Credit

Get a Line of Credit
Line of Credit
Instant Line of Credit

It is possible to get an instant line of credit if you are willing to pay a higher interest rate and pay it back quickly.

Many online lenders will give businesses and others an instant line of credit. These direct lenders specialize in making money available to those who need it quickly. They are often easy to work with but they their interest rates are usually steep and their terms are usually strict.

A business or individual should only seek an instant line of credit if they are in need of money and have no other source of income available. An instant line of credit is better than an instant loan because with a line of credit you determine how much you spend. This means you can limit your credit use to what you need.

How an Instant Line of Credit Works

To get an instant line of credit you will have to go to an internet lender’s website and fill out their form. The lender will look over your information and approve or deny your line of credit.

The lender will then give you access to a website that will allow you to request an electronic funds transfer to your account. The electronic funds transfer will be a direct deposit of the money you request right into your checking account. Once your instant line of credit is approved you should be able to get such a funds transfer within hours.

When the line of credit has been set up you should be able to request funds from it at any time. There might be a short delay of a couple of hours depositing the funds.

The advantage to an instant line of credit is that it is a source of funding you can take of quickly. The disadvantage is that lenders will charge a high rate of interest on such a line of credit.

Getting an Instant Line of Credit

The way to locate lenders that make instant line of credits available is to type the term “instant line of credit” into a search engine. This should give you a source of lenders that make such lines of credit available.

Most of the instant line of credit lenders you will locate online are hard money lenders. These lenders loan cash with the expectation that they will get paid back quickly with interest. The interest rates these lenders charge will be much higher than banks.

An advantage to these lenders is that they will work with those with bad credit, new businesses and others considered risks. Many of these lenders will forgo a credit report if you present proof of income or cash flow such as bank statements.

To work with such lenders you will have to have a checking account that can receive electronic funds transfers. Some of these lenders may insist on a repayment plan that automatically takes money out of a checking account.

Instant Lines of Credit for Individuals

Individuals will have a much harder time of getting an instant line of credit than businesses. Individuals who have their own businesses, independent contractors and solo practitioners might be able to get lines of credit as businesses. It might also be possible for a person who owns real estate in which they have quite a bit of equity to get an instant line of credit.