revolving loan


A flexible loan on a piece of real property whereby the borrower is able to make loan repayments at will as versus on a set repayment schedule. The borrower is also able to use more money from the loan if there are more funds available under the loan ceiling.

Use revolving loan in a sentence

Due to his outstanding credit Phlip was able to visit the bank and secure a revolving loan which allowed him to purchase a new watch.

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Most folks shouldn't take a revolving loan on a piece of property, because they don't have the discipline to pay it off; stick to a conventional 30 year mortgage instead.

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The parents took out a revolving loan as they prepared to send their daughter to college, as they were unsure of what they would need to spend, and needed the flexibility to borrow what they needed, and pay it back on their own time.

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revolving line of credit revolving underwriting facility (RUF)