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Closed-end loan. Automobile financing and ship loans are typical samples of closed-end loans.

Closed-end loan. Automobile financing and ship loans are typical samples of closed-end loans.

A closed-end loan is a kind of loan for which a hard and fast quantity is lent after which paid back more than a period that is specified. In comparison, open-end loans such as for example charge cards might have the quantity owed fall and rise due to the fact debtor takes cash against a line of credit.

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Search the CreditCards com glossary for every single term https://worldpaydayloans.com/payday-loans-nc/ that is credit-related « account holder » to « zombie financial obligation. » Decide on a page for alphabetized terms and definitions.

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