open-ended loan
Definition
A loan that does not have a definitive end date. For example, revolving lines of credit such as those offered by credit cards would be considered open-ended loans.
Use open-ended loan in a sentence
“ You may want to try and take on an open-ended loan if you are not sure when you can pay it back. ”
“ It was an open-ended loan and that meant that it did not have a definitive end date and would be a lot different. ”
“ I asked the bank for an open-ended loan, and the representative responded that it was the same thing as their revolving lines of credit. ”
