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A cleanup clause is a contractual provision in a loan agreement which provides that all loans must be repaid within a specified period, after which no further loans will be made available to the debtor for a specified "cleanup" period. It may also refer to revolving line of credit.
A home equity line of credit, or HELOC (/ˈhiːˌlɒk/ HEE-lok), is a revolving type of secured loan in which the lender agrees to lend a maximum amount within an agreed period (called a term), where the collateral is the borrower's property (akin to a second mortgage).
Credit cards are an example of revolving credit used by consumers. Corporate revolving credit facilities are typically used to provide liquidity for a company's day-to-day operations. They were first introduced by the Strawbridge and Clothier Department Store. [1] It is an arrangement which allows for the loan amount to be withdrawn, repaid ...
Business credit cards: Business credit cards work similarly to a revolving business line of credit, replenishing the amount you can borrow as you pay it back. But if you pay off the credit card in ...
For example, if they need the funds to cover an unexpected trip to the hospital versus a luxury vacation, that could change the dynamic of the loan. Your personal finances: Can you afford to lend ...
A personal loan agreement is a legally binding document that outlines the terms and conditions of a loan between two parties: the lender and the borrower. Whether you're lending money to a friend,...
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