Understanding the terms of a personal line of credit.
What is a Personal Line of Credit? A personal line of credit is a flexible loan option offered by banks and other financial institutions, designed to provide borrowers with access to a predetermined amount of money. Unlike a traditional loan that offers a lump sum with a fixed repayment schedule, a personal line of credit allows borrowers to draw funds as needed, up to the agreed limit. This type of credit is often compared to a credit card in its
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