Before the recession hit, it seemed quite easy to qualify for a line of credit. Now that the global economy has changed, a line of credit may be much harder to qualify for. You can check with your bank or credit union to see what their criteria is. Usually they want you to have a good credit score, good income and hopefully a good, positive net worth (but this isn’t always necessary).
Lines of credit and overdrafts can be secured or unsecured. It depends on your situation and the bank’s lending policy at the time (lending policies change from time to time).
A line of credit and an overdraft are essentially the same thing. They both turn your bank card (debit card) into a credit card so you can spend money you don’t have up to a predetermined limit. Just like a credit card, you only have to make a minimum payment each month.