_____ is a guaranteed line of credit in which a bank makes a binding commitment to provide a business with funds up to a specified credit limit at any time during the term of the agreement.

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21-06-2022
Business

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_____ is a guaranteed line of credit in which a bank makes a binding commitment to provide a business with funds up to a specified credit limit at any time during the term of the agreement.

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rahulsharma789888 rahulsharma789888 · Answer 1 · 2022-06-28T10:28:41+02:00

A guaranteed line of credit in which a bank agrees in writing to offer a company is a revolving credit arrangement that allows for the use of a specific credit limit at any point during the agreement's term.

What exactly is a bank-guaranteed line of credit?

A LOC is an agreement that sets the maximum loan amount that a customer can borrow between a financial institution—typically a bank—and the consumer. If the borrower does not exceed the maximum amount (or credit limit) stipulated in the agreement, they may access funds from the LOC at any time.

The business gives the bank its promise in return for a commission charged on the unutilized money.

Revolving credit arrangement will be the appropriate term to put in the supplied gap.

Learn more about the bank-guaranteed line of credit

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