revolving loan definition by Wordo

Noun

A

type

of

loan

that

is

secured

against

a

property

and

allows

the

owner

to

borrow

and

repay

money

at

leisure

.

Periodic

payments

of

at

least

accumulated

interest

are

required

,

but

the

loan

is

fully

open

:

it

may

be

paid

out

in

whole

or

in

part

at

any

time

and

,

if

there

is

still

money

available

under

the

loan

ceiling

,

the

borrower

may

take

more

money

for

his

or

her

use

.