A line of credit is a secured bank loan whereby the bank agrees to len
A line of credit is a secured bank loan whereby the bank agrees to lend a company up to a specific amount of cash, at the discretion of the company. In other words, it is just a pre-arranged loan.
Indicate whether the statement is true or false.
ANSWER
Answer: FALSE
Explanation: A line of credit is an UNSECURED bank loan whereby the bank agrees to lend a company up to a specific amount of cash, at the discretion of the company. In other words, it is just a pre-arranged loan.
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