What is Revolving Credit?
A revolving credit is also known as a flexible financial tool because it facilitates the borrower with an option of withdrawal, repayment and then withdrawal again whenever required. You can take a revolving credit loan if you find yourself in emergency financial need, it can be used to fulfil your business or personal requirements.
Revolving credits can be secured or unsecured. In case of secured revolving credit, the borrower has to collateral any of his assets and the lender can seize this asset in case repayment is not done. While in unsecured revolving credit the borrower has to give a personal guarantee.