Personal Lending
Unexpected life events can prevent you from accumulating wealth, but we might have a solution to this common challenge: a Personal Credit Line. In this post, we’ll cover what a Personal Credit Line is, when to use it, why it matters, and how to open one.
What is a Personal Credit Line and why does it matter?
A Personal Credit Line is a line of credit with a defined amount of credit, based on the overall value of your non-retirement investment account(s), that you can access when needed to pay for unexpected expenses (see examples below). Using a Personal Credit Line can help bridge a financial gap one may face during unexpected times. When you decide to pull money from your Personal Credit Line, you will have repayment flexibility by choosing to pay what you used immediately or over time.
When can a Personal Credit Line help you?
- Real estate
- Tax payment
- College expenses
- Debt consolidation
- Bridge loan
- Business investment
- Family emergency
How to open Personal Credit Line.
- Contact our office to discuss if you are the right candidate for a Personal Credit Line.
- If it makes sense, we can provide you with an estimate in just minutes of how much
credit you may qualify for based on your non retirement accounts that will be used as
collateral
- If eligibility is confirmed, we will gather a few necessary data points from you and then
submit your application to the lender. Once your application is approved, the credit line will be available to withdraw upon,
usually within 1-3 days.
Consider adding a Personal Credit Line to your financial plan to give you flexibility over
unexpected life events.