Personal Line Of Credit (Noun)
Meaning
The maximum credit that a customer is allowed.
Classification
Nouns denoting possession and transfer of possession.
Examples
- A personal line of credit is the maximum credit that a customer is allowed to borrow from a financial institution at any given time.
- The bank approved a personal line of credit of $10,000 for the small business owner to use as needed.
- The credit card company increased her personal line of credit to $5,000 after she made several on-time payments.
- To qualify for a higher personal line of credit, the borrower must have a good credit history and a stable income.
- The lender reviewed the borrower's financial information to determine a suitable personal line of credit for the loan.