Line of credit
Once approved, the borrowed funds can be accessed by check, by overdraft, or sometimes by debit card. The funds are loaned as needed with interest charged on the borrowed amount, usually at the end of each month. Some lines of credit are backed by pledged real estate or some may be personal loans, backed by your promise to pay from current cash flow.
Related Fool Articles
- [link link title]
Recent Mentions on Fool.com
- 5 Social Security Mistakes You Don't Want to Make
- The Dark Side of Cross-Selling for Wells Fargo & Co.
- Hide Your Wallet! This is How Much the Average American Pays in Taxes
- 4 Top Consumer Stocks to Buy in December
- These 4 Corporate Tax Loopholes Are Mind-Boggling
- 3 Surprising Industries That Would Benefit if Marijuana Was Legalized