5.	Line+of+credit-+total+amount+available+that+you+can+borrow+on+credit

Line of credit- total amount available that you can borrow on credit A line of credit is an arrangement in which a bank or vendor extends a specified amount of unsecured credit to a specified borrower for a specified time period. It can also be called credit line. A line of credit may take several forms such as cash credit, overdraft, demand loan, export packing credit, term loan, discounting or purchase of commercial bills etc. It is like an account that can readily be tapped into if need arises or not touched at all and saved for emergencies. Interest is only paid on the money actually taken out. Lines of credit are often extended by banks and financial institutions to credit worthy customers to overcome liquidity problems.

True or False Does the line of credit have a specific time period?