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You want to have the best credit you can have, Sullivan says.

It can be a viable option to help manage your daily cash flow, especially if you have an irregular income or are faced with an unexpected expense.

What is a personal line of credit (PLOC) A personal line of credit is an unsecured revolving account with a variable interest rate.

PLOCs generally have lower interest rates than credit cards, so theyre typically cheaper for big cash advances.

However, because PLOCs are unsecured, theyre best for consumers with a strong credit history.

This means that means a PLOC might not be the best option for everyone.

How do personal lines of credit work A personal line of credit operates much like a credit card, says Adam Marlowe, principal experience officer for Georgias Own Credit Union.

You would go and apply for a line of credit in whatever amount you need, but you dont walk out of the bank with a check, Marlowe says.

Once approved for a PLOC, you have access to funds via a revolving line of credit.

That money can be tapped in various ways, such as withdrawing at a local branch of the lending institution or initiating a transfer via a mobile app.

Every draw will have to be repaid with interest, which is variable meaning your interest rate will rise and fall based on market fluctuations.

Its also important to note that most PLOCs have an expiration date, adds Marlowe.

Generally, youre issued a personal line of credit for a time window until an expiration date, he says.

So, for instance, if you need a 3,000 line of credit, well grant that line of credit and its good for two years.

You have an open revolving line of credit for 3,000 for two years.

During that time, you can keep borrowing from and repaying the line of credit, up to the lines limit.

But at the end of two years, in order to continue to maintain the line of credit, youd have to reapply with the lending institution.

Generally, you should use it for things that pop up and that are unforeseen, says Dave Sullivan, credit expert with People Driven Credit Union.

If youre using it for everyday expenses, then youre on the road toward financial hardship.

Emergency car repairs, tuition payments and unexpectedly high utility bills are some of the other ways you might use a personal line of credit.

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Some people who are working full time but also going to school to earn another degree will use a personal line of credit to make tuition payments, Marlowe says.

How to get a personal line of credit There are two things youll need if you want to get a personal line of credit: a good credit score and solid credit history.

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