Definition of Revolving loan:
Arrangement which allows for the loan amount to be withdrawn, repaid, and redrawn again in any manner and any number of times, until the arrangement expires. Credit card loans and overdrafts are revolving loans. Also called evergreen loan.
How to use Revolving loan in a sentence?
- I was glad it was a revolving loan because that meant we could do a lot more with it than if it was juvt a normal loan.
- I need a loan, but I would like to decide when I can withdraw the money from it, since Im not sure how much money and when I will need it; the best option for me is to get a revolving loan .
- Our company has established a revolving loan arrangement with its bank to allow greater flexibility in borrowing to meet peak demands during our peak season and repayment as funds are received.
Meaning of Revolving loan & Revolving loan Definition