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a line of credit is an arrangement where a bank offers a maximum loan amount that the borrower can draw upon at any time the borrower which can be an individual business or government entity has the flexibility to take out as much as they want up to the maximum amount lines of credit have a couple of important advantages first borrowers are only charged interest on the funds they actually draw this is what differentiates lines of credit from traditional loans also the interest rate which is typically variable is often lower than that of a one-time law take evan who owns his own business and therefore has irregular income from month-to-month he applies at the bank for a personal line of credit worth $10,000 just in case he runs low on cash for a period of time after checking his credit history the bank agrees if evan only draws $1,000 from his credit line hes only charged interest on that withdrawal amount he sleeps well at night knowing that $9,000 of credit is available in an emergen
