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LSDefine

Simple English definitions for legal terms

revolving loan

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A quick definition of revolving loan:

A revolving loan is a type of loan that can be renewed when it is due. This means that the borrower can keep borrowing money as long as they pay back what they owe. It's like having a credit card, but instead of buying things, you're borrowing money. The borrower can use the money for anything they need, like buying a car or paying for school. However, they will have to pay interest on the money they borrow.

A more thorough explanation:

A revolving loan is a type of loan that can be renewed at maturity. This means that the borrower can continue to borrow money as long as they pay back what they owe. For example, a credit card is a type of revolving loan. The borrower can use the credit card to make purchases and pay back the balance over time. Once the balance is paid off, the borrower can continue to use the credit card to make purchases.

Another example of a revolving loan is a home equity line of credit. The borrower can borrow money against the equity in their home and pay it back over time. Once the balance is paid off, the borrower can continue to borrow money against the equity in their home.

Revolving loans are useful for borrowers who need access to funds over a long period of time. They are also useful for lenders because they can earn interest on the money that is borrowed.

revolving letter of credit | revolving performance bond

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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