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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.
Common forms of consumer credit include credit cards, store cards, motor vehicle finance, personal loans (installment loans), consumer lines of credit, payday loans, retail loans (retail installment loans) and mortgages. This is a broad definition of consumer credit and corresponds with the Bank of England's definition of "Lending to individuals".
This is an accepted version of this page This is the latest accepted revision, reviewed on 17 January 2025. Short-term unsecured loan A shop window in Falls Church, Virginia, advertising payday loans. A payday loan (also called a payday advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan) is a short-term unsecured loan, often characterized by high interest ...
A secured line of credit generally includes collateral, such as cash, investments or real estate. The benefit of providing collateral is generally more favorable loan terms and a lower interest rate.
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 ...
The credit line on a small business line of credit can be quite high. Depending on your credit history and the company’s financial health, it can easily be $100,000 or more.
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.
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 ...
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