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LeoGlossary: Line Of Credit
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A pre-approved limit of borrowing that a financial institution such as a bank will issue to an individual or business. This could be in the form of a Home Equity Line of Credit (HELOC) or a business line of credit.
The borrower can tap into it at anytime without going through another approval process. Institutions will periodically review the lines of credit outstanding to insure credit worthiness still is maintained.
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