Maine Revolving Credit Agreement between PCSupport.com, Inc. and ICE Holdings North America, LLC
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FAQ
Credit cards, personal lines of credit and home equity lines of credit are all examples of revolving credit. Revolving credit is different from installment credit, such as mortgages and auto loans, which can't be used on a recurring basis.
Revolving credit is a line of credit that remains available over time, even if you pay the full balance. Credit cards are a common source of revolving credit, as are personal lines of credit. Not to be confused with an installment loan, revolving credit remains available to the consumer ongoing.
A revolving credit agreement is a loan arrangement that allows borrowers to access a pre-determined amount of funds using their approved credit limit.
Revolving credit agreements allow borrowers to have flexible access to funds; however, they are subjected to interest rates that must be paid to the lender. Revolving credit agreements will often include information like the total amount of funds available, a set interest rate, and a payment due date.
Common examples of revolving credit include credit cards, home equity lines of credit (HELOCs), and personal and business lines of credit. Credit cards are the best-known type of revolving credit.
