Credit Line

A credit line is essentially a type of loan that you can use at any time to borrow money. A credit line works like a credit card in the sense that you get an approved limit for borrowing, and you can use this limit to make purchases or take out cash advances. Depending on the type of credit line you have, your lender may require you to pay back the borrowed amount within a certain period of time or may offer a revolving payment plan with minimum monthly payments.