Home Equity Line Of Credit Details, What Is Line Of Credit, Cash Credit Details

Home Equity Line Of Credit Details, What Is Line Of Credit,  Cash Credit Details ::

What is "Home Equity Line Of Credit" ?

    A home equity line of credit ( HELOC ) is a loan in which the lender agrees to lend a maximum amount within an agreed period ( or a term ), where the collateral is the borrower's equity in his/her house. Because a home often is a consumer's most valuable asset, many homeowners use home equity credit lines only for major items, such as education, home improvements, or medical bills, and choose not to use them for day-to-day expenses. HELOC abuse is often cited as one cause of the subprime mortgage crisis.
(Source : www.wikipedia.org)


What Is "Line Of Credit" ?

    A line of credit is any credit source extended to a government, business or individual by a bank or other financial institution. A line of credit may take several forms, such as overdraft protection, demand loan, export packing credit, term loan, discounting, purchase of commercial bills, etc. It is effectively a bank account that can readily be tapped at the borrower's discretion. Interest is paid only on money actually withdrawn. Lines of credit can be secured by collateral or unsecured.

    Lines of credit are often extended by banks and financial institutions to creditworthy customers to address liquidity problems; such a line of credit is often called a Personal Line of Credit. The term is also used to mean the credit limit of a customer, that is, the maximum amount of credit a customer is allowed.
(Source : www.wikipedia.org)


What is "Cash Credit" ?

    A cash credit is a short-term cash loan to a company. A bank provides this type of funding, but only after the required security is given to secure the loan. Once a security for repayment has been given, the business that receives the loan can continuously draw from the bank up to a certain specified amount. -prearranged loan that a business does not have to take until it is needed.
(Source : www.wikipedia.org)


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