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Definition of Line of credit
1. Noun. The maximum credit that a customer is allowed.
Specialized synonyms: Consumer Credit
Generic synonyms: Credit
Definition of Line of credit
1. Noun. (finance banking) A financial agreement under which a bank or other lender agrees to provide a client with loans of money up to an approved limit during a predefined period. The client may borrow the entire credit amount all at once or in portions during the specified period. ¹
2. Noun. (finance banking) The maximum borrowable amount specified in such an agreement. ¹
¹ Source: wiktionary.com
Lexicographical Neighbors of Line Of Credit
Literary usage of Line of credit
Below you will find example usage of this term as found in modern and/or classical literature:
1. Practical Bank Operation by Loyd Helvetius Langston, First National City Bank of New York (1921)
"Line of Credit A favorable decision to grant credit to an applicant is expressed
in a line of credit or a loan agreement. A line of credit may be defined as ..."
2. Banking Practice: A Textbook for Colleges and Schools of Business Administration by Loyd Helvetius Langston, Nathan Ruggles Whitney (1921)
"If the decision is favorable a line of credit is granted to the customer, ...
A line of credit is an agreement on the part of the bank to carry loans for ..."
3. Judicial and Statutory Definitions of Words and Phrases by West Publishing Company (1904)
"Baker v. Talbott, 22 Ky. (в Т. В. Mon.) 179, 182. line of credit. ... Held, that
the phrase "line of credit" meant the amount of goods to be furnished on ..."
4. Credit and Its Uses by William Ambrose Prendergast (1906)
"This line of credit is generally figured at about ten or fifteen per cent of the
net trade assets of our customers which represents their reasonable ..."
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