{"id":2678,"date":"2020-03-22T16:39:59","date_gmt":"2020-03-22T16:39:59","guid":{"rendered":"http:\/\/localhost\/2020\/swoopMW20\/?post_type=knowledge-hub&p=2678"},"modified":"2023-12-07T19:47:59","modified_gmt":"2023-12-07T19:47:59","slug":"line-of-credit-non-revolving","status":"publish","type":"knowledge-hub","link":"https:\/\/swoopfunding.com\/ca\/knowledge-hub\/line-of-credit-non-revolving\/","title":{"rendered":"Line of credit (non-revolving)"},"content":{"rendered":"\n

A line of credit is like a business loan<\/a> that’s ready to go. It’s an agreement with a lender that lets you borrow on an as-needed basis and pay back when it’s convenient. You have a credit limit, in the same way you do with a business credit card<\/a> or bank overdraft. A revolving credit line<\/a> is a ‘rolling’ type of line of credit.<\/em><\/p>\n\n\n\n

A non-revolving line of credit has similar features to revolving credit (or a revolving credit line). In both cases you agree a credit limit with a lender, you can use the funds for a variety of purposes, you pay interest, and you can make payments at any time, as documented in your agreement with the lender.<\/p>\n\n\n\n

There is one major difference: with a non-revolving line of credit the pool of available credit does not replenish after you’ve completed your payments. Rather, once you pay off the line of credit in full, the lender closes the account and you can’t use it again. So, unlike revolving credit, a non-revolving line of credit is a static product \u2013 or a one-off financial arrangement. When you have reached your credit limit, you cannot borrow more.<\/p>\n\n\n\n

Both revolving credit and non-revolving credit lines come in unsecured<\/a> and secured<\/a> versions.<\/p>\n","protected":false},"excerpt":{"rendered":"

A line of credit is like a business loan that’s ready to go. It’s an agreement with a lender that lets you borrow on an as-needed basis and pay back when it’s convenient. You have a credit limit, in the same way you do with a business credit card or bank overdraft. A revolving credit line […]<\/p>\n","protected":false},"parent":0,"menu_order":7,"template":"","segment":[295],"acf":[],"featured_image_urls":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","image_blog":"","image_podcast":"","image_banking":"","image_blog_internal":"","image_blog_medium":"","image_single_banking":""},"post_excerpt_stackable":"

A line of credit is like a business loan that’s ready to go. It’s an agreement with a lender that lets you borrow on an as-needed basis and pay back when it’s convenient. You have a credit limit, in the same way you do with a business credit card or bank overdraft. A revolving credit line is a ‘rolling’ type of line of credit. A non-revolving line of credit has similar features to revolving credit (or a revolving credit line). In both cases you agree a credit limit with a lender, you can use the funds for a variety of purposes,…<\/p>\n","category_list":"","author_info":{"name":"","url":""},"comments_num":"0 comments","featured_image_urls_v2":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","image_blog":"","image_podcast":"","image_banking":"","image_blog_internal":"","image_blog_medium":"","image_single_banking":""},"post_excerpt_stackable_v2":"

A line of credit is like a business loan that’s ready to go. It’s an agreement with a lender that lets you borrow on an as-needed basis and pay back when it’s convenient. You have a credit limit, in the same way you do with a business credit card or bank overdraft. A revolving credit line is a ‘rolling’ type of line of credit. A non-revolving line of credit has similar features to revolving credit (or a revolving credit line). In both cases you agree a credit limit with a lender, you can use the funds for a variety of purposes,…<\/p>\n","category_list_v2":"","author_info_v2":{"name":"","url":""},"comments_num_v2":"0 comments","_links":{"self":[{"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/knowledge-hub\/2678"}],"collection":[{"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/knowledge-hub"}],"about":[{"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/types\/knowledge-hub"}],"wp:attachment":[{"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/media?parent=2678"}],"wp:term":[{"taxonomy":"segment","embeddable":true,"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/segment?post=2678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}