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Evergreen Loan

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Dictionary Says

Definition of 'Evergreen Loan'

A loan that does not require the principal amount to be paid off within a specified period of time. Evergreen loans are usually in the form of a short-term line of credit that is routinely renewed leaving the principal remaining outstanding for the long term.

Also called a "standing" or "revolving loan".
Investopedia Says

Investopedia explains 'Evergreen Loan'

Credit cards and checking account overdraft lines of credit are widely-used as evergreen or revolving loans. Evergreen loans are a useful type of personal credit because the user does not need to reapply for a new loan every time they need to use it.

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