What does personal line of credit mean?
Definitions for personal line of credit
per·son·al line of cred·it
This dictionary definitions page includes all the possible meanings, example usage and translations of the word personal line of credit.
Princeton's WordNet
credit line, line of credit, bank line, line, personal credit line, personal line of creditnoun
the maximum credit that a customer is allowed
Wikipedia
Personal 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 customer that enables the customer to draw on the facility when the customer needs funds. 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 borrower's discretion. Interest is paid only on money actually withdrawn.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 amount of funds a customer is allowed to draw from a line of credit is typically called the credit limit or overdraft limit. The term credit limit is commonly used for credit cards whereas the term overdraft limit is more commonly used for bank accounts.
ChatGPT
personal line of credit
A personal line of credit is a type of loan provided by financial institutions that allows an individual borrower to draw from a predetermined credit limit as needed. The borrower can spend the funds on anything and is only required to pay interest on the money that they actually borrow. It operates similarly to a credit card, providing a source of funds which can be accessed at any time. The flexibility of a personal line of credit is its main feature, as compared to conventional loans which provide a lump sum amount up front.
Matched Categories
Numerology
Chaldean Numerology
The numerical value of personal line of credit in Chaldean Numerology is: 1
Pythagorean Numerology
The numerical value of personal line of credit in Pythagorean Numerology is: 4
Translations for personal line of credit
From our Multilingual Translation Dictionary
- خط ائتمان شخصيArabic
- personliche KreditlinieGerman
- personan linion de kreditoEsperanto
- línea de crédito personalSpanish
- marge de crédit personnelleFrench
- líne pearsanta creidmheasaIrish
- személyes hitelkeretHungarian
- jalur kredit pribadiIndonesian
- קו אשראי אישיHebrew
- 個人の信用枠Japanese
- ವ್ಯಕ್ತಿಗತ ಕ್ರೆಡಿಟ್ ಲೈನ್Kannada
- 개인 신용 한도Korean
- linea personalis fidemLatin
- linha de crédito pessoalPortuguese
- личная кредитная линияRussian
- особиста лінія кредитуванняUkrainian
- hạn mức tín dụng cá nhânVietnamese
- 个人信用额度Chinese
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"personal line of credit." Definitions.net. STANDS4 LLC, 2024. Web. 25 Apr. 2024. <https://www.definitions.net/definition/personal+line+of+credit>.
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