TeachMeFinance.com - explain line of credit
Line of Credit -- A short-term loan, usually less than one year.
line of credit -- a preestablished loan authorization with a specified borrowing limit extended by a lending institution to an individual or business based on creditworthiness. A line of credit allows borrowers to obtain a number of loans without re-applying each time as long as the total of borrowed funds does not exceed the credit limit.
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