– How Does a Line of Credit Loan Work? Being short on cash is never an ideal situation – that’s why Speedy Cash offers quick loans in the form of a personal line of credit. Unlike typical payday loans and installment loans, line of credit loans give you the freedom to borrow what you need, when you need it.
Obtaining the best rate above also requires the following criteria to be met: 1) A new home equity line of credit application, 2) A line amount of $100,000 or more, 3) Line must be in first lien position, 4) A loan-to-value (LTV) of 80% or less, and 5) Strong creditworthiness.
· An investment property line of credit has certain qualifications that a borrower and their property must meet in order to get approved. The qualifications that need to be met include the amount of equity in the property as well as a minimum credit score and credit history of paying on time.