Personal Line Of Credit (UK)
Hey Everyone and thank you for reading my post.
I am looking to find an unsecured, revolving line of credit in the UK.
In the USA, this product is called a Line of Credit (LOC) and the most popular ones are offered by Credit Unions (smaller community banks).
In the USA, a LOC:
1. Is a revolving line of credit - use it, pay it back, repeat.
2. It is usually simple interest, or a low interest rate if not simple interest.
3. Assume I have a LOC for 5k. I would be able to draw out 3K at the beginning of (say) Feb. At the end of Feb, draw out another 2K (to pay for March's expenses), then take my entire paycheck received on Mar 1st (say 3k) and move that entire amount into the LOC, as a "payment" (that is, by clicking the "Make a Payment" button in my LOC account and moving the 3K paycheck from my checking account at another bank, into the LOC).
4.Repeat above
If anyone can please point me at lenders who may offer this product or one like it in the UK, I'd appreciate it.
Thank you,
Deep