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
- Better Buy: Ford vs. General Motors
- Which Retirement Account Should You Tap First?
- First Republic Bank Stock: A Solid Dividend With Room to Grow
- Is This the "Ma Bell Breakup" Moment That Will Dismantle the Mega Banks?
- Facebook Inc. Could Push Apple Pay Over the Top
- Why FuelCell Energy Couldn't Hold Onto Its Huge Gains in 2014