What is the purpose of a line of credit?

Answer Lenders offer lines of credit, or loan terms, to borrowers. A debtor may borrow up to the maximum amount of the credit line.Credit CardsA credit card offers borrowers terms at either a fixed or a v... Read More »

Top Q&A For: What is the purpose of a line of credit

What is Home Equity Credit Line of Credit (HELOC), whst is the advantage and disadvantage of that?

A Home Equity Line of Credit is a line of credit based on the precentage of your home you have already paid for. For Ex. you have a loan for $100,000 and you have paid 30,000 of it off and owe $70... Read More »

What is the purpose of the drip leg in the supply line of a gas furnace?

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How to Merge an Equity Line With a Secured Credit Line?

A home equity line of credit is secured by the equity in a home. For example, if you owe $150,000 on a home and the property value is $200,000 ,you have $50,000 of equity. A secured credit line is ... Read More »

What is the purpose of a letter of credit?

Every financial transaction has a buyer and a seller. A letter of credit is a document that guarantees that the seller in a given transaction will get paid. Banks and other institutions issue lette... Read More »