open-end credit

Definition

An agreement by a bank to lend a specific amount to a borrower, and to allow that amount to be borrowed again once it has been repaid. also called revolving credit or revolving line of credit.

Use open-end credit in a sentence

I had some open-end credit to go on and I was really happy and also really fortunate to be given it.

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The open-end credit nature of the relationship ensured that continued financial support was available after paying down the first loan.

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In order to pay for our son's car and college expenses we applied to the bank for an open-end credit loan that would allow us to continue using the account for much needed cash in the future.

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