Line of credit
Arranged ability to borrow money
Line of credit
A line of credit is a credit facility extended by a bank or other financial institution to a government, business, or individual that allows the borrower to draw funds as needed, up to a specified credit limit. The borrower incurs debt when funds are drawn from the facility. A line of credit takes several forms, such as an overdraft limit, demand loan, special purpose, export packing credit, term loan, discounting, purchase of commercial bills, traditional revolving credit card account, etc. It is effectively a source of funds that can readily be tapped at the discretion of the borrower's. Interest is paid only on money actually withdrawn. Lines of credit can be secured by collateral, or may be unsecured. Lines of credit are often extended by banks, financial institutions and other licensed consumer lenders to creditworthy customers (though certain special-purpose lines of credit may not have creditworthiness requirements) to address fluctuating cash flow needs of the customer. The maximum...
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