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Loanfactz Definitions
Glossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.
All of O
Open End Credit
Open End Credit is a line of credit that may be used repeatedly, generally until you reach a certain prearranged borrowing limit. Open end credit includes home equity lines of credit, bank and department store credit cards, gasoline company cards, and check overdraft accounts. The Truth in Lending Act requires that open end creditors tell you the terms of the credit plan so that you can shop and compare costs.
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