Definition

Noun A financial arrangement with a bank or lender that allows an individual to borrow money up to a pre-approved maximum limit. The borrower can access funds as needed, repay, and borrow again without applying for a new loan each time. It is a form of revolving credit.

Usage

This term refers specifically to the credit limit itself or the overall account facility granted to an individual consumer, not a business. * The bank approved me for a personal credit line of $10,000. * She used her personal credit line to cover the unexpected home repairs. * You should check the interest rate on your personal credit line.

Advanced Usage

• "to draw on a personal credit line": To borrow money from the available credit.
  • He decided to draw on his personal credit line to fund the vacation.
• "to have a personal credit line with [institution]": To possess such an account at a specific bank.
  • I have a personal credit line with my local credit union.

Variants and Related Words

• Line of credit (LOC): A more general term that can apply to both individuals and businesses.
• Personal line of credit (PLOC): A full, synonymous name for the same product.
• Revolving credit: The broader category of credit that includes credit lines and credit cards.
• Credit limit: The specific maximum dollar amount of the line.

Synonyms

• Credit facility (more formal/business term)
• Revolving credit account

Related Phrases

• Secure a personal credit line: To successfully obtain one.
  • With her good credit score, she was able to secure a large personal credit line.
• Access your personal credit line: To use the available funds.
  • You can access your personal credit line via online transfer or checks.

Noun

1. the maximum credit that a customer is allowed