Do you have to be a homeowner to get a line of credit?

Question

My fiance and I would like to take out a line of credit to pay for some personal expenses, but most lines of credit we see are home equity. Is that the only kind offered? We're not homeowners, so is this not an option for us?

Answer 1

If you can show some other type of collateral then they can give you line of credit. If you have none then it is like a creditcard debt for them... very risky and the interest rate will be much higher