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k20a · 03-17-2009, 08:11 PM

OK, I'm a big newb here about LOC but can someone explain to me again?

I know it's bank lending you money with a lower interest rate than cc, but how does interest applied and how do I pay off the loc? Do I just pay off whatever I've used from the loc - let's say I have a $10,000 LOC and I used $2,000. Is interested only applied to 2,000?

Again, I"m a fucking newb so go easy. lol

03-17-2009, 08:11 PM	#1
k20a Rs has made me the woman i am today! Join Date: Feb 2006 Location: Vancouver Posts: 4,054 Thanked 62 Times in 23 Posts Failed 3 Times in 2 Posts Member's Picture Albums	Line of Credit OK, I'm a big newb here about LOC but can someone explain to me again? I know it's bank lending you money with a lower interest rate than cc, but how does interest applied and how do I pay off the loc? Do I just pay off whatever I've used from the loc - let's say I have a $10,000 LOC and I used $2,000. Is interested only applied to 2,000? Again, I"m a fucking newb so go easy. lol