Credit Line - All In One Multipurpose Loans

Leading loan apps have gained a lot of prominence in the hands of tech savvy, upwardly mobile younger age groups looking for new avenues to raise funds. They have been borrowing personal loans to shop and pay for foreign vacations, and have now started using credit line loans for smaller needs.

What is a credit line?

A credit line is a line of credit that a lending app extends against your approved credit limit. It works exactly like a credit line that banks extend to businesses; however, this one is offered to salaried individuals with a good credit score. You can take cash loans against your credit limit (which can be as high as Rs 4,00,000 with leading loan apps) whenever you need to. Instead of borrowing one chunk of money like you would with a personal loan, you can borrow only as much as you need, whenever you need. You are charged interest only on the loans you borrow, not on the entire credit limit.

How can you get it?

That’s easy – start by downloading the loan app on your phone. You can get it from the Google Play Store or the Apple App Store. Set it up as directed (input the OTP sent to your mobile number and enter email ID and bank details).

• Let the app set up your credit limit for you based on your income, credit score and repayment history.
• Once the credit limit is set, you can get instant loans online from the app. Check your credit limit every time you borrow the next loan.
• Repay the earlier borrowing from your salary and reinstate the credit line in full. Regular repayments help you clear the repayments backlog and have a revolving line of credit at your fingertips whenever you need it.

How do you use it?

There are a few ways in which you can use your credit line cash loans:

• Grocery shopping: Instead of diverting your income towards buying monthly groceries, take an instant loan online using your credit line. Leading apps in India have tie-ups with grocery giants like Grofers and Big Basket. You can buy the groceries today but pay for them later using your

credit line loan.

• To pay for a minor surgery: Don’t disturb your savings for a minor surgical procedure – let your credit line work for it. Borrow as much as you need for the procedure and repay it from your next few salaries.
• To shop for your wedding: If you’re planning a small wedding this year, you could borrow a small wedding loan to pay for new clothes, floral decorations, extra seating, catering, etc.
• Repay a loan from a friend: If you have been unable to repay a small loan you borrowed from a friend, borrow a cash loan from the app and repay them back at once.

Conclusion

A credit line loan helps out quickly and efficiently when you need small sums of money in a few clicks.

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