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Glite Dictionary
personal line of credit

personal line of credit

4.8
An agreement with a bank that lets a person borrow money up to a set limit when needed
  • noun
  • /ˈpɜrsənl laɪn əv ˈkrɛdɪt/
  • Specialized
translation icon : línea de crédito personal
  • She decided to take out a personal line of credit to help manage her unexpected expenses.

Examples

  • She applied for a personal line of credit to finance her home renovations.

  • With his personal line of credit approved, he was able to handle unexpected expenses easily.

  • A personal line of credit can offer more flexibility than a traditional loan.

  • I applied for a personal line of credit yesterday.

  • A personal line of credit can help during emergencies.

  • After reviewing her options, Maria applied for a personal line of credit to finance her home renovation.

  • Having a personal line of credit available gave John the flexibility to handle fluctuating monthly expenses.

Synonyms

line of credit
vspersonal line of credit
  • Specialized
24 3.1

A plan from a bank that lets you borrow up to a set amount

focuses on individual use rather than any customer category
credit line
vspersonal line of credit
6 3.7

The largest amount a bank allows you to borrow when needed

limits this specifically to an individual borrower rather than any customer
consumer credit
vspersonal line of credit
4 3.3

Money people borrow to buy things for their home or family not for business

is one specific borrowing arrangement with a set maximum for an individual
personal credit line
vspersonal line of credit
3.7

An agreement with a bank that lets a person borrow money up to a set limit when needed

is the same arrangement but phrased slightly differently in wording
charge account credit
vspersonal line of credit
3.9

A way to buy now at a shop and pay later up to a set limit you can repay anytime

is for general borrowing by an individual, not only purchase transactions
bank line
vspersonal line of credit
  • Specialized
4.6

The most money a bank lets a customer borrow for loans or overdrafts

is a ready borrowing arrangement for individuals rather than just an authorized limit

How Much

equity credit line
  • Specialized
6.8
line of credit
  • Specialized
24 3.1
personal line of credit
  • Specialized
4.8
overdraft
11 4.7

Surface Forms

personal line of credit singular
personal lines of credit plural

Morphology

personal + line + of + credit

The words 'personal' and 'credit' clearly point to an individual financial borrowing arrangement, so a learner knowing those constituents would get the general domain. However, 'line' here functions metaphorically to mean an available amount or limit (as in 'line of credit'), which is a specialized financial use that is not fully predictable to a B1 learner without exposure, even though similar constructions exist in other languages.

Etymology

Personal line of credit may come from a simple image: a bank marking a long 'line' like a ruler for one 'personal' customer to use, and 'credit' meaning the bank's trust to lend. So the phrase means a flexible amount a person can 'borrow' as needed up to a set 'limit'.