Non-revolving and revolving refer to types of credit.
- Non-revolving credit refers to a type of credit that does not replenish once it has been used, such as an installment loan. Once the borrower repays the loan, the account is closed.
- Revolving credit refers to a line of credit that can be used repeatedly as long as the borrower continues to make payments. Examples of revolving credit include credit cards and home equity lines of credit.
To what do the terms non-revolving and revolving refer?
Checking accounts
Credit
Loans
Bankruptcy
1 answer