What is a revolving credit loan?

Answer A revolving credit loan is one on which there is no set number of payments, and a balance may be carried from one month to the next, as long as a minimum payment is made.TypesRevolving credit is mo... Read More »

Top Q&A For: What is a revolving credit loan

Is a home equity loan considered revolving credit?

A home equity loan does not meet the definition of revolving credit. With revolving credit, you would make minimum payments that vary depending on your account balance; this is usually a credit car... Read More »

What is a revolving letter of credit?

A revolving letter of credit contains instructions that allow a beneficiary to draw specified amounts over specified periods. It is established when there are regular shipments of the same product ... Read More »

What is a revolving line of credit?

A revolving line of credit is a type of loan or lending product offered by banks, credit unions and other financial institutions. Both businesses and individuals can utilize revolving lines of cred... Read More »

What is a revolving account on a credit report?

Accounts listed on a credit report that have fluctuating balances are categorized as a revolving credit account. These are accounts in which balances can go up or down each month, and are not close... Read More »