What does a line of credit mean

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Letter of Credit - LC - Full Process \u0026 Basics
A personal line of credit is an open-ended loan with a lender that can be utilized for any purpose allowed under the lending agreement (or promissory note). A line of credit (also known as a bank operating loan) is a short-term, flexible loan that a business can use to borrow up to a pre-set amount of money. A line of credit, or credit line, is a preset amount of money that a bank has agreed to lend you and that you can draw on when you need it.