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Home / Finance / Banking / What is an open end loan ?
Q.

What is an open end loan ?

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0 2022-07-05T14:27:30+00:00

Hey,

There are two types of loans, they are open-ended loan and closed-end loan. The application process for both of them is the same. You will need to submit the necessary documents as proof and property as collateral for secured debt. Take a look below to know more details about the same. 

What is an open-end loan?

These are loans that don't have a definite ending date. Banks provide borrowers with this loan after thoroughly verifying the repayment ability of the customers. A few popular examples of open-ended loan are lines of credit and credit cards. 

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Open-end bridging loan are pre-approved by banks. The borrower can avail of all the benefits of an open-end loan till a specific dollar limit. The borrower then needs to subsequently pay the amount taken in the credit loan. 

Here are some points on open-end loan vs closed-end loan :

open end loan definition :                                                

closed end loan

These loans don't have a specific end date. These are not given to borrowers for any specific purpose. 

These loans have a fixed end date and are given for a specific purpose. The borrower needs to pay the loan amount including interest and maintenance fees.

These loans  are distributed with preapproval. 

These loans  are not  distributed with preapproval.

These loans are preferred by borrowers because they get more control over the line of credit.

The line of credit is set by the lender in the case and the lender continues to have final control. 

eg.credit cards, home equity line of credit

eg.auto loans

This is all from my end on open end loan.

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Read more:

What is a recourse loan ?   

What is a non recourse loan ?   

What is a mezzanine loan ?    

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