Question

multiple select question
select all that apply
a personal line of credit
□ repayment is for the interest only on the outstanding balance
□ can be paid off at any time in full
□ is a pre - arranged loan for a specified amount
□ has a 30 day grace period
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Explanation:

• A personal line of credit often allows minimum payments of just interest on the outstanding balance.
• It is a revolving credit product that can be paid off in full at any time without penalty.
• It is a pre-approved, pre-arranged credit limit (specified amount) that you can draw from.
• Personal lines of credit typically do not have a standard 30-day grace period like credit cards; interest starts accruing immediately on drawn funds.

Answer:

• repayment is for the interest only on the outstanding balance
• can be paid off at any time in full
• is a pre-arranged loan for a specified amount