Line Of Credit (Noun)
Meaning
The maximum credit that a customer is allowed.
Classification
Nouns denoting possession and transfer of possession.
Examples
- The bank approved a line of credit for the small business, allowing them to borrow up to $100,000 as needed.
- As a loyal customer, she had a line of credit with the store that allowed her to charge up to $5,000 per month.
- The company had a revolving line of credit with the lender, which gave them access to cash when they needed it.
- He applied for a home equity line of credit, which would provide a line of credit secured by the value of his house.
- The credit card company raised her line of credit to $10,000 after a year of on-time payments and responsible spending.