Credit Limit
The maximum amount of credit that a financial institution or other lender will extend to a borrower.
More Details
A credit limit is the maximum amount of money that an individual or entity is allowed to borrow using a credit card or other type of credit. A credit limit is determined by the lender and is based on factors such as credit score, income, and debt level.
Example
If you have a credit card with a $5,000 credit limit, you will not be able to charge more than $5,000 on the card. If you try to make a purchase that exceeds your credit limit, the transaction will be declined.
Related Terms
Maturity Date
The date on which a loan or investment reaches its end and the principal amount is due to be repaid.
Refinance
The process of paying off an existing loan with a new loan, typically in order to obtain a lower interest rate or to change the terms of the loan.
Digital Banking
The use of electronic devices, such as computers and smartphones, to access and manage one's bank account and carry out financial transactions.

Previous Menu

-jpg.jpeg?width=312&height=170&name=04_09_26_auto_loan_header%20(2)-jpg.jpeg)




