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Line of Credit Loan | |
A line of credit loan provides you with access to the equity in your home or investment properties up to a pre-approved limit. You access the funds as you need to. The interest rate on a line of credit loan is usually a variable rate and repayments are interest only.
Advantages:
- You can use the money when you need it and pay it
back when you can.
- Rates are generally lower than a personal loan or credit card.
Disadvantages:
- Unless care is shown it is possible to reduce the equity you have built in your home.
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