revolving credit

revolving credit
re·volv·ing credit n: a credit which may be used repeatedly up to the limit specified after partial or total repayments have been made

Merriam-Webster’s Dictionary of Law. . 1996.

revolving credit
n.
A kind of consumer credit that is renewed automatically as the borrower pays off debts and allows the borrower continuous credit as long as he or she makes regular payments and does not exceed a set limit.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.


revolving credit
Also known as revolving loan. A credit in which the amount is renewed or reinstated without specific amendments to the letters of credit being required. A revolving letter of credit may be revocable or irrevocable and may revolve in relation to time or value. If the letter of credit is stated to be "cumulative", any sum not used during a period carries over and may be used during a subsequent period. If it is "non-cumulative", any sum not used in a period is not carried over to the subsequent period and ceases to be available.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.


revolving credit
n. A renewable line of credit over a certain period of time, usually synonymous with credit card account. The borrowed amount is repaid to a merchant or bank over a length of time in installments, consisting of part principal and part interest. Generally, the amount of interest a creditor can charge is limited by state usury laws. Often more expensive than other forms of credit.

Webster's New World Law Dictionary. . 2000.

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