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.

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It was an open-ended loan and that meant that it did not have a definitive end date and would be a lot different.

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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.

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