To get a line of credit, you have to submit a request to a financial institution. They evaluate:
- Your liquidity (the probability you can pay back the money that you borrow)
- Your revenue: your household income should be between $35 000 and $50 000
- How much credit you have with other institutions
- Your credit score: your background regarding bill payments and repayment of loans
- These factors will help a financial institution determine the interest rate and limit of your line of credit
Don't forget you can negotiate the interest rate and conditions regarding the line of credit.