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What is a Personal Line of Credit?
A personal line of credit (PLOC) is a revolving credit line that gives you access to funds up to a set credit limit. You can borrow as needed, repay the amount used and borrow again during your draw period, making it a flexible alternative to lump-sum loans.
Unlike a traditional personal loan, which provides a single upfront payout, a personal line of credit works more like a hybrid between a loan and a credit card. Among the many types of lines of credit, a PLOC stands out because you borrow only what you need, make monthly payments on the amount used and pay interest only on what you withdraw rather than the entire credit line.
Benefits of a PLOC
Flexible Access
Borrow whenever needed during the draw period and use your credit line repeatedly as you pay back.
Interest on Used Amount
You only pay interest on the amount you borrow, not the full credit limit.
No Collateral Needed
Most personal lines of credit are unsecured, so no personal assets are required to qualify.
Lower Interest Rates
PLOCs typically offer lower interest rates compared to credit cards, helping you save on long-term borrowing costs.
Versatile Usage
Use your line of credit for expenses like home repairs, medical bills, travel or unexpected costs.
Cash Flow Support
Helps manage irregular expenses, emergencies or temporary drops in income without relying on high-interest debt.
How Can I Apply?
What are the requirements?
18 year or older
Able to prove income
Open checking account
What our customers are saying
Smart Uses for a Personal Lines of Credit
Comparing Personal Line of Credit with Other Financing Options
Choosing the right borrowing option can be confusing, especially when different products appear to offer similar benefits. Here’s a comparison of a personal line of credit with other options to help you determine which one best aligns with your goals.
Personal Line of Credit vs. Credit Card
When comparing a line of credit vs credit card, a personal line of credit provides flexible access to funds with generally lower interest rates and fewer fees than most credit cards. It is typically open ended but does not offer rewards programs. Credit cards, while also revolving credit, often have higher interest rates, reward points and faster access for small purchases. A PLOC is better for planned, larger expenses, while credit cards are ideal for everyday spending.
Personal Line of Credit vs. Personal Loan
A personal line of credit offers ongoing access to funds, allowing you to borrow only what you need during the draw period, often with variable interest rates. When comparing a line of credit vs loan, a personal loan provides a fixed lump sum with predictable monthly payments and typically lower rates when collateral is involved. A PLOC is more flexible, while personal loans suit one-time, structured expenses.
Personal Line of Credit vs. Home Equity Line of Credit (HELOC)
A personal line of credit does not require home equity or collateral, making it accessible for renters or those who prefer unsecured borrowing. A HELOC, however, uses your home as collateral, which may offer higher borrowing limits and lower interest rates but also carries more risk. A PLOC is ideal for comparatively smaller or unpredictable expenses, while HELOCs support larger, property-related costs.
Personal Line of Credit vs. Securities-Backed Line of Credit (SBLOC)
A personal line of credit is unsecured and based on your creditworthiness, offering moderate limits and flexible access. A securities-backed line of credit, often referred to as a portfolio line of credit, uses investment assets like stocks, bonds or mutual funds as collateral, typically providing higher limits and lower rates. However, an SBLOC carries market risk because falling asset values may trigger repayment or liquidation. A PLOC poses no investment-based risk.
Quick Facts About CASH 1 Personal Line of Credit
Loan Details | Description |
|---|---|
| Loan Amount Range | Between $50 and $2,000, depending on your state of residence. |
| Approval Time | Fast approval, often within 15 minutes. |
| Credit Requirements | You must be 18+, have a checking account and not be active-duty military. Requirements differ by state, so contact us for details. |
| Application Methods | Apply for a loan online, over the phone or at your nearest store. |
| State Availability | Offered across Idaho, Kansas, Missouri and Utah. |
| Credit Line Increase | Your account is reviewed daily and regular timely payments can help you qualify for periodic credit increases. |
| Annual Fees | Enjoy your line of credit with zero annual fees. |
| Origination or Processing Fee | CASH 1 does not charge origination or processing fees. |
| Interest Rate | Charged only on the amount you use. |
| Repayment Terms | Monthly payments based on the borrowed amount. |
| Prepayment Penalties | You can repay your balance early without any extra fees. |
| Delinquency Charge | Missed minimum payments incur a fee of $20 or 5% of the unpaid amount, whichever is greater. |
| Credit Impact | On-time payments can improve your credit score. |
Repayment Options for PLOC With CASH 1
Monthly Repayment Plan
Make regular monthly payments that include principal and interest on the amount you have borrowed.
Balloon Payment
Some plans allow smaller monthly payments followed by a final large payment at the end of the repayment period.
Demand Line of Credit
Lender may require repayment in full at any time, depending on the agreement and account activity.
How to Apply for a Personal Line of Credit?
Apply Online
Get Your Cash
Make Payments, Increase Your Credit
Why Choose CASH 1 Personal Lines of Credit?
Fast Access to Funds
Quick approval and fast access to your credit line when you need financial support urgently.
Build Credit History
On-time payments can help improve your credit score over time and strengthen your financial profile.
No Hidden Fees
Transparent loan terms with no surprise annual fees, origination fees, or unlisted charges.
24/7 Account Access
Manage your balance, monitor your credit limit and make payments anytime from your online account.
Trusted Customer Support
Dedicated support to help you understand your loan terms, repayment options, and account updates.
