open-end credit

open-end credit
Types of credit extensions that permit borrowers to add to the amount borrowed, usually in irregular amounts, at various times subsequent to the granting of the credit. Examples include credit card loans, personal lines of credit, and home equity lines of credit. American Banker Glossary
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revolving line of credit that is extended with every purchase or cash advance. Bloomberg Financial Dictionary

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open-end credit UK US noun [C or U] BANKING, FINANCE
an arrangement for borrowing from a bank where money can be taken and paid back up to an agreed limit, and interest is charged only on the amount that remains, which may be paid off at any time within the period of the loan: »

Overdrafts and credit card facilities are further examples of open-end credit.


Financial and business terms. 2012.

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Look at other dictionaries:

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  • credit — The ability of a business or person to borrow money, or obtain goods on time, in consequence of the favorable opinion held by the particular lender as to solvency and past history of reliability. In re Ford, B.C.Wash., 14 F.2d 848, 849.… …   Black's law dictionary

  • credit — The ability of a business or person to borrow money, or obtain goods on time, in consequence of the favorable opinion held by the particular lender as to solvency and past history of reliability. In re Ford, B.C.Wash., 14 F.2d 848, 849.… …   Black's law dictionary

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