4 Reasons to Consider an Emergency Line of Credit

Published: 19th April 2010
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When you need cash quickly, there are a number of options available. However, not all of them will be best suited to your individual financial situation. It is important to shop around for the best fit for your needs to ensure you get the cash you need without disrupting your financial health too drastically.

This article will offer four reasons why an emergency line of credit might be the best solution to your current financial tightness, instead of a traditional loan product.


While you might need $50 to cover a bill today, next month you might require $75 to avoid overdraft charges. Instead of applying for different loans each time you need cash, an emergency line of credit is available to give you exactly how much money you need, when you need it.

Access your account anytime, and take just the amount you require to relieve your financial pinch. You can easily pay back the balance when money becomes available, and then your credit line remains intact and completely free until you need to utilize it again.

Low Cost

Companies like Elastic do not charge you for your emergency line of credit until you actually use it. When you do take money from your credit line, you are charged a single low access fee. Pay back the balance prior to your due date, and no further charges are assessed. This is the perfect, low-cost way to access money when you need it, without paying exorbitant interest charges, application fees or other expenses that could be assessed on your unsecure loan.

Payment Options

Sometimes it is easy to pay off a loan balance quickly, and other times you might need more flexibility in your payment options. An emergency line of credit can be paid back in full at any time. If you don't have the full payment amount on your due date, you can also make minimum monthly payments for a low additional fee. This flexibility in payment options ensures you don't get behind with your loan payments, which could put you in a deeper financial hole.

Easy Use

Most companies that offer an emergency line of credit make the application process fast and easy. You can apply online from the comfort of home, and you often have a response the same day. Some companies, like Elastic, even deposit your credit line amount into your checking account within one business day after your loan is approved. At that point, you can access your credit line whenever you need it, without the hassle of completing subsequent loan applications or waiting for addition approval and disbursement of funds.

An emergency line of credit is a great way to protect your bank account from overdraft charges. You no longer have to worry about paying bills late because due dates do not coincide with your paydays. This credit line gives you the cash you need, when you need it, so you can have financial peace of mind no matter what life may throw your way.

Learn more about how an emergency line of credit can help you through any financial difficulty. Take advantage of Elastic's emergency line of credit to quickly obtain the funds you need at a price you can afford.

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