What is meant by line of credit in law and banking?
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A line of credit is the maximum amount that a customer has access to and can borrow from bank on an ongoing basis
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Explanation:
Definition: A line of credit (LOC) is the maximum amount that a customer has access to and can borrow from a bank on an ongoing basis. In other words, this is an open credit line that allows a customer to continually borrow funds from a bank up to a maximum amount.
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