Which of the following features does not accurately describe a line of credit?
A)credit line approved before the money is actually needed
B)funds available immediately when needed
C)obtainable from a credit union,savings and loan association,or bank
D)alternative source of emergency funds
E)long-term loan

Question

Quizplus · Accepted Answer

A line of credit is typically a short-term loan, not a long-term loan. It is designed to provide access to funds as needed, rather than as a lump sum at the beginning of the loan term.

Which of the Following Features Does Not Accurately Describe a Line