Operating Lines of Credit
A line of credit is a type of revolving account. This arrangement allows borrowers to spend the money, repay it and spend it again in a revolving cycle. Revolving accounts such as lines of credit and credit cards are different from installment loans such as mortgages, car loans and signature loans. With installment loans, consumers borrow a set amount of money and repay it in equal monthly installments until the loan is paid off. Once an installment loan has been paid off, consumers cannot spend the funds again unless they apply for a new loan.
Land loans are a type of credit you can use to buy a vacant lot to eventually build a home on, or for raw land that you don't intend to develop. ... As a result, some lenders require a substantial down payment and charge high interest rates on land loans.
Equipment loans are loans to buy business equipment that are secured by the equipment itself. Instead of putting up collateral such as your house or your business assets, you use the item you're purchasing as collateral.