What is a line of credit? Although you’re probably familiar with the term line of credit in relation to credit cards (it is the maximum amount of credit that you can use), you may not be familiar with a line of credit loan. However, a line of credit loan is quite similar to a credit card in purpose and function. It’s open-ended and lacks a set maturity date, so that you can be approved for a larger amount but only pay for the funds that you need. If you aren’t sure whether you’ll need additional funds, the flexibility of a line of credit loan could be ideal.
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