Plain-English definitions for the terms you'll encounter on your financial journey.
A flexible loan arrangement that lets a business borrow money up to a set limit as needed. Interest is generally charged only on the amount borrowed.
The maximum amount of money a lender allows you to spend on a single credit card or line of credit.
Home Equity Line of Credit is a flexible loan that uses your home as collateral, allowing you to borrow money as needed up to a certain limit and pay it back over time. It functions like a credit card for your house, where your home's value acts as your spending limit.
A revolving line of credit that allows homeowners to borrow against the equity they have built in their property. It functions similarly to a credit card, where the borrower can spend up to a limit and pay it back over time.
A flexible loan from a bank that allows you to borrow up to a certain limit and pay interest only on what you use.