Closed-End Credit

What does it Mean? A loan or extension of credit in which the proceeds are dispersed in full when the loan closes and must be repaid, including any interest and finance charges, by a specified date. The loan may require periodic principal and interest payments, or may require the entire payment of principal at maturity.
Investopedia Says... In this type of loan or credit arrangement, the full amount owed must be paid back by the borrower by a set point in time. Most real estate and auto loans are closed-end credit, while credit cards and home-equity lines of credit are open-end or revolving lines of credit.

Terms Related Links

Amortization
Amortization Schedule
Compound Interest
Consumer Debt
Credit Card
Line Of Credit - LOC
Mortgage
Open-End Credit
Revolving Credit
Simple Interest Bi-Weekly Mortgage

Terms Related Links
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