What is open-end credit?

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What is open-end credit?

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Question

Asked 4/11/2012 9:09:03 PM

Updated 11/14/2016 12:34:00 PM

1 Answer/Comment

This answer has been confirmed as correct and helpful.

Edited by yumdrea [11/14/2016 12:33:41 PM], Confirmed by yumdrea [11/14/2016 12:33:45 PM]

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Original conversation

User: What is open-end credit?

Weegy: Open-end credit is a preapproved loan between a financial institution and borrower that may be used repeatedly up to a certain limit and can subsequently be paid back prior to payments coming due.
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User: What is closed-end credit?

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Question

Asked 4/11/2012 9:09:03 PM

Updated 11/14/2016 12:34:00 PM

1 Answer/Comment

This answer has been confirmed as correct and helpful.

Edited by yumdrea [11/14/2016 12:33:41 PM], Confirmed by yumdrea [11/14/2016 12:33:45 PM]

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Closed-end credit is a loan or type of credit where the funds are dispersed in full when the loan closes and must be paid back, including interest and finance charges, by a specific date.

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Added 11/14/2016 12:34:00 PM

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