Unlike a personal loan, a line of credit typically has flexible repayment schemes. With a line of credit, you can withdraw cash whenever you need, and repay whenever you want to, with no early repayment fee. Some banks allow you to continue the line of credit as long as you just pay off the interest for the amount of credit borrowed. Others, however, require you to pay off both the interest and principal (amount borrowed) at the end of the loan term.
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