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A line of credit is a preset borrowing limit that a borrower can draw on at any time that the line of credit is open. Types of credit lines include personal, business, and home equity,...
What Is a Line of Credit? A line of credit is a flexible loan from a bank or financial institution. Similar to a credit card with a set credit limit, a line of credit is a defined...
Sometimes abbreviated PLOC, a personal line of credit is a form of revolving credit where you can draw from an available balance during what’s known as a “draw period.”
What is a line of credit? A line of credit is a type of loan where you have access to a preset credit limit to use and then repay again and again. Because lines of credit are open-ended debt, they don’t have a defined payoff date. They’re available to the account holder as long as the account is in good standing.
What Is a Line of Credit (LOC)? A line of credit is a predetermined amount of funds that a financial institution, such as a bank, makes available to an individual or a business which the borrower pays interest on.
Credit lines give borrowers access to a set amount of money that they can borrow against in the future. The total amount a lender is willing to extend depends on a number of...
A line of credit is a preset amount of money that a financial institution like a bank or credit union has agreed to lend you. You can draw from the line of credit when you need it, up to the maximum amount. You’ll pay interest on the amount you borrow.
A line of credit (LOC) is an account that lets you borrow money when you need it, up to a preset borrowing limit, by writing checks or using a bank card to make purchases or cash withdrawals. Available from many banks and credit unions, lines of credit are sometimes advertised as bank lines or personal lines of credit. How Does a Line of Credit ...
The meaning of LINE OF CREDIT is the maximum credit allowed a buyer or borrower; also : an agreement providing credit up to a certain amount. How to use line of credit in a sentence.
What Is a Line of Credit? A line of credit (sometimes called revolving credit) is a pre-arranged amount of money lent by a financial institution. Unlike a traditional loan – which is usually a lump sum payment that is repaid on a fixed schedule – a line of credit is flexible.