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What Is a Line of Credit (LOC)?
A personal line of credit is a loan, similar to a credit card. You get a specific amount of credit which you can use for any purpose. You can withdraw as much as you need, up to your credit limit as many times as you wish. The interest is charged only on the amount you use from your credit line and not on the approved credit limit. Whatever amount you borrow from your credit line, you need to repay it with interest each month. This flexible borrowing option mak...