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A line of credit is a credit facility extended by a bank or other financial institution to a government, business or individual customer that enables the customer to draw on the facility when the customer needs funds. A financial institution makes available an amount of credit to a business or consumer during a specified period of time.
Credit (from Latin verb credit, meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt), but promises either to repay or return those resources (or other materials of equal value) at a later date ...
A credit limit is the maximum amount of credit that a financial institution or other lender extends to a debtor on a particular credit card or line of credit. Lenders generally set limits based on specific information about credit-seeking applicants, including income and employment status.
A line of credit and a loan are two common business financing tools that offer different ways to access capital. A loan provides a lump sum with fixed payments, while a line of credit offers ...
Maxing out your credit cards means you’ve made so many purchases that you no longer have any room left on your credit line. It also means you won’t have the option of making new purchases ...
A business line of credit is best if you want a flexible solution to cover short-term cash-flow gaps. If you need a large sum of cash or a long period of time to pay off your debt, a term loan ...
If the credit is due to a bill payment, then the utility will add the money to its own cash account, which is a debit because the account is another Asset. Again, the customer views the credit as an increase in the customer's own money and does not see the other side of the transaction.
The credit line on a small business line of credit can be quite high. Depending on your business credit history and the company’s financial health, a card’s credit line can easily reach ...
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