Line of Credit vs Loan | Definition, Features, Pros and Cons
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financestrategists.com
Line of Credit vs Loan | Definition, Features, Pros and Cons
A line of credit is a continuous stream of funds that can be accessed by writing specific checks. It works kind of like a credit card; you have a credit limit that you can spend up to and are charged interest on the outstanding funds. Once you pay the balance down you can spend the funds again.
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