revolving loan

revolving loan
A type of loan that is secured against a property and allows the owner to borrow and repay money at his or her leisure. Periodic payments of at least accumulated interest are required but the loan is fully open: may be paid out in whole or in part at any time and, if there is still money available under the loan ceiling, the borrower may take more money for his or her use.

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  • revolving loan — loan that is automatically renewed at the end of its term …   English contemporary dictionary

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  • revolving credit loan — USA revolving credit loan, Also known as revolving credit facility, revolving loan and revolver. A committed loan facility allowing a borrower to borrow (up to a limit), repay and re borrow loans. See also revolving …   Law dictionary

  • revolving credit — re·volv·ing credit n: a credit which may be used repeatedly up to the limit specified after partial or total repayments have been made Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. revolving credit …   Law dictionary

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