Why Creditline?

At times, when we need a quick loan, we frequently start to consider two options – a payday loan or consumer credit? Our advice – forget about both; better choose a credit line! Why? Because it is unique! Besides combining the best of payday loans and consumer credits, credit lines open up even more advantageous opportunities to their clients. What kind of opportunities? Continue to read and find answers to all your questions about credit lines!


What Is a Creditline?

A credit line is one of the most sought-after types of loans in Latvia due to the advantageousness of its opportunities and flexibility of its terms and conditions. Of course, every lender determines its own terms and conditions; nevertheless, the main principle of credit lines remains the same: a credit line is something similar to a tank of money from which you can continuously borrow any amount up to a certain limit that is approved by a lender and varies from borrower to borrower. Once you get approved for a credit line, you have the option of asking for necessary amounts to be transferred to your bank account whenever you need to for an unlimited period of time, while repaying only the amount you borrowed (asked to transfer).As mentioned previously, the required amount will be transferred to your bank account, thus allowing you to withdraw it from ATMs and use it to make payments through your internet banking and with a payment card linked to your bank account.



If applying for a credit line, you can receive and repeatedly require necessary amounts to be transferred to your bank account whenever you want for an unlimited period of time. The required amounts may not exceed the limit of the allocated credit line; nevertheless, when you repay at least a small part of the used amount, this small part will be anew available for you to borrow. In contrast, when applying for payday loans and consumer credit, you will receive all the allocated money immediately after entering into a loan agreement. Consequently, to receive additional money, you will have to once again go through a loan application and review process.


How Much Can You Borrow?

The amount of money you can borrow varies greatly from lender to lender. For example, NordCard offers a creditline up to 5000 euros, with the maximum borrowing amount being 5000 euros and the minimum 100 euros. In other words, clients may request to borrow any sum that is bigger than 100 euros but smaller than 5000 euros. After a client has made his/her decision on the amount he/she wants to borrow and submitted a loan application, a lender begins an evaluation process – reviews client’s status (whether a new or existing client), information about his/her income, expenses, and liabilities. The final decision on the amount of the allocated credit line depends on both a client’s wishes and a lender’s evaluation of a client.



A credit line allows you to borrow different amounts of money – you can borrow as small amounts as are offered by payday loan lenders and as big amounts as are offered by consumer credit lenders. However, the main difference between a credit line and other types of credit is that regardless of the maximum limit of your credit line, you have the option of deciding how much and how frequently you will actually borrow from that approved amount and thus repay, for you have to repay only what you have borrowed, not the whole allocated amount. Whereas with payday loans and consumer credits you have to use the allocated amount in one lump sum and repay the whole sum, not just the amount you actually used.


How Much Time Do You Have to Repay Your Credit Line?

Or is it better to ask - how much time do you need to repay your credit line? Why is it a better question to ask? Because it perfectly illustrates how repaying credit line works – you can decide how much time you will need, as credit line lenders like NordCard don’t impose a strict repayment schedule on you. The only requirement they make is that you return the borrowed money within the maximum term set and every month make at least fixed monthly payment. Otherwise, you can repay a loan in a shorter period making bigger and more frequent than required payments.


Overall, NordCard gives you 60 months or five years to repay what you have used. Of course, if you wish, you can always repay faster. Repay in two weeks, 5 months, or 2 years’ time? That’s for you to decide! The only requirement – don’t forget about the maximum term and fixed monthly payments. Thank you!



Without a doubt - a credit line offers much more advantageous repayment options that payday loans and consumption credits do. Why? Firstly, if you choose a credit line, you decide upon the loan term. Secondly, you may constantly change your repayment term plans, without informing a lender about them. Thirdly, payday loans and consumer credits must be repaid according to strictly set repayment schedules that don’t allow any changes. Any questions left on why credit line offers more advantageous repayment options? We thought so!


How Can You Use a Credit Line?

The main rule of using a credit line? Use, when you want to; start to repay only after you have started to use! In other words, if you choose a credit line, you don’t have to pay for the opportunity to borrow from a credit line – the approved amount will be available for you an eternity, “waiting” when you will start to borrow money from it. Unbelievable, but this “availability to borrow whenever you want to” won’t cost you a thing, transforming a credit line into something completely different from all other types of credit - free of charge cash reserves, which you may use when you need to and want to.


For example, repaying NordCard creditline starts only after you have actually borrowed money from the allocated to you amount. Remember that you don’t have to return all the approved amount, but only the amount you actually borrowed, i.e., required to transfer to your bank account. Of course, if you borrowed the allowed maximum, you must pay your loan in full.



Only in the world of credit lines being approved for a credit doesn’t immediately make you a debtor. It is for you to choose whether you will borrow allocated money or not. If you decide to use it, remember that you have many different borrowing options – you may require all the allocated money in one lump sum, use only a part of it, borrow gradually requiring bigger and smaller amounts in a longer period of time, or don’t use it at all! You make choices, NordCard provides them! The only requirement from our side – the borrowed amounts – all together and each separately – may not exceed the maximum limit. But the good news is that repaying at least a part of what you have borrowed will make this “part” again available for borrowing!


How Can You Repay a Credit Line?

The company NordCard offers plenty of different options for repaying the creditline. Most importantly remember that a credit line repayment schedule can be adjusted to your wishes! So, if you wish, you can repay a credit line immediately – only in several days, weeks, or months. If you wish, you can also divide payment into bigger and smaller installments (but within one month not smaller than your fixed monthly payment!), and thus return the used amount gradually during a longer period of time. If you wish, you can return only minimum monthly payments, and thus pay throughout the whole loan term. As we already said - you make choices, NordCard provides them!


Now when you know the repayment options, let’s talk about the bonuses that come with them! Because, yes, NordCard has prepared some! If you decide to divide payment into installments and repay gradually, remember that returning amounts that are bigger than your fixed monthly payment or/and made with bigger frequency than your loan term suggests, you will save on interest. How? It’s really simple – NordCard charges interest on the amount used, not on the whole allocated credit line, and because each payment you make reduces the amount you owe, interest gets recalculated and is charged on this reduced amount.



As mentioned previously, in contrast to payday loans and consumer credits, repayment of a credit line is flexible – it can be quick or gradual, uniform or divided into installments, paid once or several times per month, coincide with or be bigger than your fixed monthly payment. In case of payday loans and consumer credits, you have to pay as much as is determined by a lender and as frequently as is determined by a lender and interest is charged on the whole allocated amount regardless of how much you actually used.


How Can You Apply for a Credit Line?

You can apply for a credit line as quickly and easily as to any other online loan – by going to and in just a few minutes filling in an application form. Going to a bank, tiresome queueing for hours, and preparation of a myriad of different documents – is either unknown or long forgotten experience for NordCard clients. By choosing NordCard you not only accelerate the application process but also make a loan approval a matter of just a few hours.



A credit line is your only chance to borrow repeatedly without having to go anew through the loan application and evaluation process. With a credit line you can borrow as much as you want up to the maximum limit and after repaying at least a small part of what you have borrowed once again have this part available for borrowing. Moreover, if you don’t borrow anything regardless of being approved to NordCard creditline, you won’t have to pay a cent for it, but allocated money will still be available! Whereas to borrow repeatedly from payday loan and consumer credit lenders, each time you want to borrow you will have to once again go through the tiresome loan application and evaluation processes. What’s better to save time or to waste time? We go for the former, and thus choose NordCard!


Nowadays there are so many loans and the opportunities they offer are so different that it is difficult to choose the most advantageous one. A credit line is an excellent solution to these dead-end situations. It combines and opens up the most miscellaneous opportunities – can be repaid as quickly as payday loans and as gradually as consumer credits, also as easily be adjusted to your living conditions – used only, when needed and repaid in amounts, which are approved by your wallet. Therefore, apply for NordCard creditline and grant your opportunities freedom not only before entering into a loan agreement but also after the deal is sealed!

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