Which of the following features does not accurately describe a line of credit?
A)A loan approved before the money is actually needed
B)Funds available immediately when needed once the loan is preapproved
C)Obtainable from a credit union,savings and loan association,or bank
D)It has a ceiling
E)Long-term loan

Question

Quizplus · Accepted Answer

A line of credit is typically a short-term loan or financing option, not a long-term loan. It is designed for immediate, flexible borrowing needs rather than long-term financing.

Which of the Following Features Does Not Accurately Describe a Line