With a secured line of credit, you use an asset as collateral. The asset could be your car or your home.
This is a type where your house acts as collateral. It usually has a higher credit limit and a lower interest rate than other loans and lines of credit.
You may use a personal line of credit for unexpected expenses or for consolidating higher interest rate loans. Interest rates are usually lower than for credit cards and personal loans.
A student line of credit is specifically for paying for post-secondary education.
You may use it to help pay for basic expenses, such as tuition, books, and housing.
