What is the difference between loan and credit?
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The main difference between a loan and a line of credit is how you get the money and how and what you repay. A loan is a lump sum of money that is repaid over a fixed term, whereas a line of credit is a revolving account that let borrowers draw, repay and redraw from available funds.
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loan is a lump sum of money that is repaid over a fixed term .
Credit is a revolving account that let borrowers draw pay and redraw from available .
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