{"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&#038;p=2678"},"modified":"2024-07-17T09:05:11","modified_gmt":"2024-07-17T09:05:11","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<p><em>A line of credit is like a <a href=\"https:\/\/swoopfunding.com\/ca\/knowledge-hub\/business-loans\/\">business loan<\/a> that&#8217;s ready to go. It&#8217;s an agreement with a lender that lets you borrow on an as-needed basis and pay back when it&#8217;s convenient. You have a credit limit, in the same way you do with a <a href=\"https:\/\/swoopfunding.com\/ca\/knowledge-hub\/business-credit-card\/\">business credit card<\/a>\u00a0or <a href=\"https:\/\/swoopfunding.com\/ca\/business-glossary\/overdraft\/\">bank overdraft<\/a>. A <a href=\"https:\/\/swoopfunding.com\/ca\/knowledge-hub\/revolving-credit-line-facility\/\">revolving credit line<\/a> is a &#8216;rolling&#8217; type of line of credit.<\/em><\/p>\n\n\n\n<p>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<p>There is one major difference: with a non-revolving line of credit the pool of&nbsp;available credit&nbsp;does not replenish after you&#8217;ve completed your payments. Rather, once you pay off the line of credit in full, the lender closes the account and you can&#8217;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<p>Both revolving credit and non-revolving credit lines come in <a href=\"https:\/\/swoopfunding.com\/ca\/knowledge-hub\/unsecured-loan\/\">unsecured<\/a> and <a href=\"https:\/\/swoopfunding.com\/ca\/knowledge-hub\/secured-loans\/\">secured<\/a> versions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A line of credit is like a business loan that&#8217;s ready to go. It&#8217;s an agreement with a lender that lets you borrow on an as-needed basis and pay back when it&#8217;s convenient. You have a credit limit, in the same way you do with a business credit card\u00a0or bank overdraft. A revolving credit line [&hellip;]<\/p>\n","protected":false},"author":84,"menu_order":7,"template":"","segment":[295],"class_list":["post-2678","knowledge-hub","type-knowledge-hub","status-publish","hentry","segment-business-loans"],"acf":[],"featured_image_urls_v2":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","image_blog":"","image_blog_full":"","image_podcast":"","image_banking":"","image_blog_internal":"","image_blog_medium":"","image_single_banking":""},"post_excerpt_stackable_v2":"<p>A line of credit is like a business loan that&#8217;s ready to go. It&#8217;s an agreement with a lender that lets you borrow on an as-needed basis and pay back when it&#8217;s convenient. You have a credit limit, in the same way you do with a business credit card\u00a0or bank overdraft. A revolving credit line is a &#8216;rolling&#8217; 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,&hellip;<\/p>\n","category_list_v2":"","author_info_v2":{"name":"hanne","url":"https:\/\/swoopfunding.com\/ca\/author\/hanne\/"},"comments_num_v2":"0 comments","_links":{"self":[{"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/knowledge-hub\/2678","targetHints":{"allow":["GET"]}}],"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"}],"author":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/users\/84"}],"version-history":[{"count":0,"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/knowledge-hub\/2678\/revisions"}],"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}]}}