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Access to funds: Once approved, borrowers can access funds up to their approved credit limit. This can be done through online platforms, mobile apps, or other digital channels provided by the lender.
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Revolving credit: Unlike a traditional loan with a fixed term, an eCredit line allows borrowers to borrow, repay, and borrow again within their credit limit. As the borrower repays the borrowed amount, the available credit limit is replenished.
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Flexible repayment options: Borrowers have the flexibility to make minimum payments or pay off the full balance each month, depending on the terms set by the lender. Interest is typically charged on the outstanding balance.
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Interest rates and fees: eCredit lines may have varying interest rates depending on the lender and the borrower's creditworthiness. There might also be fees associated with the eCredit line, such as annual fees or transaction fees.
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Digital accessibility: eCredit lines are typically managed through digital platforms, allowing borrowers to access their account information, make payments, and monitor their credit usage conveniently online.
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Credit assessment: Lenders will typically evaluate the borrower's creditworthiness during the application process, considering factors such as credit history, income, and debt-to-income ratio.
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