What is a Line of Credit?
A line of credit is different than a traditional loan. It is similar to a credit card in the way that you can draw on the credit when you need to pay for something, and as you pay it down you can continue to borrow against it as need arises.
So, for example, let’s say you get a line of credit for $1,000 and you use $500 of it, then you pay back $250. You still have access to $750.