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Simple English definitions for legal terms

open-ended loan

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A quick definition of open-ended loan:

An open-ended loan is a type of loan that doesn't have a specific end date. This means that you can borrow money up to a certain limit, pay it back, and then borrow again. Examples of open-ended loans include credit cards and lines of credit. When you borrow money, you'll need to pay interest on it. Credit cards and lines of credit are based on your credit score, which is a number that shows how good you are at paying back money you borrow.

A more thorough explanation:

An open-ended loan is a type of loan that does not have a specific end date. This means that the borrower can continue to borrow money as long as they meet the terms of the loan agreement. Examples of open-ended loans include:

  • Line of Credit: This is an agreement between a borrower and a financial institution. The borrower is pre-approved to take out funds up to a certain dollar limit. The borrower can use the money and pay it back, and then use it again up to the dollar limit. The institution will require interest payments to be made on the funds drawn. Sometimes, collateral is required for this type of loan.
  • Credit Card: This is an agreement between a borrower and a financial institution. The borrower is allowed to borrow funds up to a pre-approved dollar limit. The borrowed money must be paid back within a certain time period, otherwise interest accrues.

For example, if a borrower has a line of credit with a $10,000 limit, they can borrow up to $10,000 and pay it back. They can then borrow up to $10,000 again, and so on, as long as they continue to meet the terms of the loan agreement. Similarly, if a borrower has a credit card with a $5,000 limit, they can use the card to make purchases up to $5,000. They must pay back the borrowed money within a certain time period, or they will be charged interest.

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got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
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