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3TimeAllParish
LSU Fan
DaParishBaby
Member since Aug 2008
119 posts

Line of credit or Personal Loan?
Looking to update the house with renovations and do some home repairs. What is the route to go and how painful is the process... I would think it would be in the neighborhoood of 20-30k?


Will Cover
Atlanta Braves Fan
Savannah, GA
Member since Mar 2007
33610 posts
 Online 

re: Line of credit or Personal Loan?
Lightspeed offers both and rates are cheap! For vehicle loans, they're unsecured.

Home loans may be the same way.



castorinho
Oklahoma Fan
13623 posts
Member since Nov 2010
48203 posts
 Online 

re: Line of credit or Personal Loan?
You mean lightstream?


Will Cover
Atlanta Braves Fan
Savannah, GA
Member since Mar 2007
33610 posts
 Online 

re: Line of credit or Personal Loan?
Yes, was thinking about ATVs when I wrote that!


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Tres7139
Houston Astros Fan
Member since Oct 2011
770 posts

re: Line of credit or Personal Loan?
Line of credit.

Bank will approve you for $xxxxx and you can borrow that whenever you want. You can "request" 40k to be on the safe side but you don't have to use it all. You only pay interest on what you spend, not the entire credit line.

Then you and the bank settle on what monthly payments you can make based on what you borrow so you can pay it off. It's also a revolving account, so helps credit if you're responsible with it.


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OTIS2
LSU Fan
NoLA
Member since Jul 2008
38854 posts

re: Line of credit or Personal Loan?
Home equity second mortgage LOC. You can write off the interest.


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