How Do you Apply for a Line of Credit Online?

There is no single day that passes without someone somewhere experiencing a cash emergency. It’s like crises are inevitable in our day-to-day life. But, unfortunately, it’s not simple to deal with an unexpected event with no savings at all. And that’s where loans come into play.

Nowadays, it’s easier to deal with any emergency because of the increased number of lenders, both physical lenders like banks and SACCOs and online lenders.

What is a line of credit?

I can explain a line of credit as a situation whereby a borrower applies for a loan but does not get the total amount within their limit. On the other hand, the lender charges the interest of the money that the borrower withdraws. This idea is similar to that of credit cards, and you only pay for what you have spent and not the total amount in the credit card limit.

For instance, if you have a limit of $500 and you need $100 for an emergency, you will only withdraw the $100 but not the $500. In addition,  the lender charges interest on the $100 and not the $500. This criterion makes it easy to repay the loan without being pressured by high stakes.

The types of Line of Credit?

LOC has two main groups, which are:

  • The secured Line of credit– in this type of LoC, the borrower provides collateral against the loan that he is borrowing. Therefore, the bank charges the borrower a smaller amount of interest compared to other loans.
  • Unsecured Line of credit. This type is the opposite of the secured LOC. The borrower does not provide any form of collateral; hence the interest rates are a bit higher.

ALSO READ: What are Credit Repair Services? and How Do They Work?

The application process

Applying for a line o credit online is straightforward. Here are some platforms where you can access Line of credit online, at the comfort of your home.

1. The

Credit human allows the borrower to get their Line of credit up to the pre-approved limit at any time. The interest rates in the Line of credit ranges around 11.99%. This rate is for both LOC overdraft and none overdraft.

CrediHuman has low monthly payments, making it easier for borrowers to budget their salaries. In addition, borrowers can access the Line of credit using credit cards, online banking, writing a check, or even by phone. This criterion makes it more convenient for any user.

Again, there is overdraft protection, so the borrower should not be warry about anything.

2. Money Tap Line of credit

Money tap is an app that provides lines of credit to borrowers. Money tap is available in 40 countries across India, and their clients can access lines of credit any time they wish.

The eligibility criteria for Money Tap line of credit

  • Must be above 23 years old
  • You must be earning at least $270 per month
  • You should be employed or have a business
  • Must be in the eligible cities
  • Should provide valid identification documents

It’s free of charge to download the app and do registration. The best interest rate that you can get in MoneyTap is 15% to 18%. The repayment period is a minimum of 2 months and a maximum of 3 years.

3. StashFin

Stash Fin is an online lender that gives both personal loans and lines of credit to its clients. To qualify for the Stash Fin line of credit, you must:

  • Be at least 18 years
  • Have an active checking account
  • Must be self-employed or have a stable source of income
  • You must be an Indian citizen and a resident
  • You should provide the actual address
  • Should provide real identity documents

You can apply for the Stash Fin line of credit by visiting the website or downloading the mobile application, and completing the registration.

Stash Fin charges an interest rate of around 11.99 % p.a.

4. Elastic cash Line of credit

You can open an account with Elastic cash and receive your Line of credit loans. Elastic cash also gives out payday loans to its consumers and also cash advances.

Once your account is approved, you can get a limit ranging from $500 to $4,500. Elastic cash charges an interest rate of 5% to 10%, depending on your billing cycle.

To conclude

Line of credit loans is better in terms of interest rates compared to other payday loans. In addition, you only get charged your overdraft amount and not the whole loan limit. So, a Line of credit loan is good to help you manage your finances wisely.

What are Credit Repair Services? and How Do They Work?

You may not know about credit repairs if you have an excellent credit score. Unfortunately, the other side of the coin has those with bad credit scores struggling in that zone. Those with bad credit scores know how it’s challenging to get a loan approved.

But how do you find yourself on this wrong side of the coin?

Well, times and seasons are usually different, and you may find yourself having a bad credit score at one time. Of course, it’s not always anyone’s wish to have a bad credit history, but it happens anyway.

  • Late payment of loans is one of the most significant reasons you can find yourself with a bad credit score.
  • The other reason is defaulting on your loans and credit cards.

But wait, there is a possibility of redemption, and that’s why we have credit repair services that will be able to help you rebuild your credit score.

What are credit repair services?

These are services that credit repair companies offer to those with bad credit scores. They help their clients to resolve disputes with creditors and credit bureaus. It’s usually tricky to get yourself out of a bad credit mess, and that’s where these credit repair companies come into place.

These organizations make money after they remove bad credit histories from their customer’s credit reports. They also remove any errors that are evident in customer credit reports. By so doing, they’ll be helping people to repair their credit scores while earning money in return for the services rendered.

Majorly, credit repair organizations communicate with the credit bureaus and creditors on your behalf to remove the bad credit history from their client’s credit reports.

How Credit repair organizations work

There is a regulatory board that controls how credit repair organizations should operate. The Credit Repair Organisations Act(CROA) outlines what these organizations should and should not do.

After signing a contract with a credit repair organization, they will ask you for a credit report from the three credit bureaus. Afterward, they will check for any possible errors and start negotiating with creditors and the credit bureaus bout your credit score.

Roles of credit repair organizations

  • They should notify their customers of the following;
  • Customers have a right to sue the organization if it violates the CROA rules.
  • Customers have the right to dispute their credit report for free
  • Mistakes are inevitable, and that the customers should be able to understand that.
  • Credit repair organizations should not charge any fees for something they have not done.
  • They should not encourage clients to make false statements about their reports.
  • They should not guarantee the customers that they can remove information from their credit reports.

While signing the contracts with the customers, credit repair organizations should disclose everything to the customer. In addition, they should not force the customer to sign the contract.

Costs of credit repair

Credit repair companies can use one of the following ways to charge their clients.

  • Pay per delete. In this mode, the organization charges you only for any bad report deleted from your credit report. Pay per delete can range from $35 to $750, depending on the organization.
  • Subscription fees. The credit repair organizations charge clients monthly subscription fees, ranging from $50 to $100 or more. With this mode of payment, the company can take things slow so that you can continue to pay as long as they want.

When we compare the two payment strategies, it’s better to use the pay per delete method because you only pay for what has the agency has done.

Be wary of scammers

As much as you may want to redeem yourself from bad credit history, you should be more careful when dealing with credit repair organizations. Some organizations will ask for an upfront fee without doing anything to your credit score.

Here are ways to vet credit repair scammers.

  • It will help if you search for an organization’s reviews before committing your hard-earned money with them.
  • You can also use consumer database complaints to see whether the organization is appearing.
  • The companies that are promising too good to be genuine deals may not be real.


Credit repair organizations are good; however, you should consider correcting your credit report personally if your information has fewer issues.

Additionally, you can also apply for some credit building loans to help you rebuild your credit score. Some lenders offer payday loans, and they report your payment history to one of the three credit bureaus.

However, Zaikapaydayloans would be best if you know that it’s impossible to rebuild your credit score overnight. Therefore, you need to have patience, and if you have any outstanding loans, the best thing is to pay them off.