Life is rich in zigzags, and one can never know where tomorrow will lead. While most everyday things are filled with fun and exhilaration, there are times when you seem to be at a standstill.
You may be considering borrowing at this time, but it is important to consider what the loan differences are and what type of loan might be the best solution for your current situation. To save you time and to facilitate the information retrieval process, our credit specialists have prepared a credit line statement explaining its operating principles and benefits.
What is a credit line?
A credit line is a loan with a limit set by the lender, but the exact amount of money needed at this point is left to the customer, paying interest only on the amount spent. Lenders also call it a credit limit or an overdraft, but the name doesn’t change the nature of the loan.
A credit line is similar to a cash account – so when you need additional funds, you can get the amount you need within the credit line provided, at your convenience. You must first fill out an application form and a self-report form and obtain approval from the lender for granting the credit line.
Why choose a credit line?
The terms of the credit line at Tituba are very similar to those of other quick loans. To receive it, you must:
- between the ages of 20 and 70;
- regular income from which you can repay the loan;
- a positive credit history;
- an active bank account with a bank located in Latvia;
- Internet and mobile phone connection.
Three major benefits of a credit line:
- when applying for a consumer loan you are granted a certain amount of money from which interest is calculated. Applying for a credit line gives you a lender-specific amount of money, but the interest applies only to the amount you have spent, not the amount you have been granted;
- repaying the credit line faster decreases the interest rate .;
- applying for a credit line is for an indefinite period. Accordingly, the required amount of money (within the amount available to you) can be withdrawn several times until the consumer credit is granted in one installment and in full.
Keep up-to-date and up-to-date with the latest news
You must create your profile when applying for a credit line with us. This allows you to easily keep track of all the current issues related to the loan granted under the credit line – whether to look at the loan amount, interest rates, contact your credit specialist or get a monthly bill.
It is also important to keep in mind that working with Tituba not only in person, but also online, adheres to the Personal Data Processing Policy, which requires the company not to disclose your data to third parties and to take all necessary steps to protect that data.
What to consider?
Before applying for a credit line, consider several criteria, not just the amount you want. The most important aspects to explore are:
- annual interest rate;
- charges for various services – application processing, account servicing, cash withdrawal, extension of repayment term, etc .;
- the lender’s credit line requirements: age and amount limits, as well as your income;
- Flexibility of repayment schedule – Tituba lender offers you to determine which repayment schedule will be most appropriate.
If you’re really deadlocked and need a loan, look closely at our offer and loan requirements, as well as the differences and benefits of different types of loans. Be prudent, learn something new every day, and don’t let your little joy overwhelm you. Always borrow responsibly and evaluate your loan repayment options!