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Line of credit is an arrangement in which a lender extends a specified amount of unsecured credit to a specified borrower for a specified time period.  You may withdraw the entire amount at one time or make several withdraws during the specified time period. The lender will give you a credit limit with your line of credit and you won’t be able to withdraw more than what the credit limit allows.  Sometimes they will allow you to surpass the limit but you will probably be fined. Lines of credit are great if you are worried about overborrowing. Since you only borrow what you need at any given time, it is like you have several mini loans on hand that you can access whenever you choose. You can get lines of credit from several different lenders.

 


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