what is the definition of a revolving loan?

Question

It is a type of bank loan.

Answer 1

Home Equity Loan or Line of Credit ("revolving loan")
http://www.mostreferred.com/resources/glossary-h.html

"A type of loan that is secured against a property and allows the owner to borrow and repay money at his or her leisure. Periodic payments of at least accumulated interest are required but the loan is fully open: may be paid out in whole or in part at any time and, if there is still money available under the loan ceiling, the borrower may take more money for her use."

Answer 2

thats where you can go back at any time to borrow more money, up to the loan limit.

Lets say the bank gives you a loan limit of $10,000. You only need $5,000 now, but the other $5,000 is still there if you need it later. If you pay back $1,000, you now have $6,000 available, and so on.

Answer 3

I believe a revolving loan is like a credit card or a line of credit based on a house loan. You can pay it off and use it and pay it off and use it... in a revolving fashion.

Answer 4

its just a loan you currently have open

Answer 5

it stays open when it's paid off i.e. a credit card.

as opposed to something like a car loan.. when you're done you're done.

Answer 6

its when u ask to borrow money from a banker and they say ok, then do a dance around u holding the money, teasing u

Answer 7

it means you will always be in debt. Close the account and pay cash.

Answer 8

It is a way to keep you in debt forever.

Answer 9

the paid balance is available to re-borrow if you desire.

Answer 10

basically its doing you in the butt with no lube