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Line of credit

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A line of credit is a credit facility that allows a borrower to take advances, during a defined period, up to the preset "line limit" and repay the advances at the borrower's discretion (with the exception that the entire principal balance plus accrued interest is due on the maturity date).

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This term or phrase is currently an entry in The SmallBusiness.com Business Glossary WIKI. Please help expand this entry into a more detailed description.

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This entry includes content from the following Wikipedia article: Line of credit