closed ended loan: The Difference between Open-ended and Closed-Ended Loans
- 07/19/08 07:58 AM
It occurred to me, as I was writing my blog post on Mortgage Accelerator Programs, that an explanation of the differences between Open Ended and Closed Ended Loan products might be helpful. Open Ended Loans: are loans that allow you to put money in, (make a payment) and take money out (make charges or cash with-drawls). These loans have credit limits that you cannot exceed without penalty. They are flexible loan products that provide the consumer with options. On an open ended line of credit you only pay interest if a balance is kept at the end of the statement period. One … (0 comments)
closed ended loan: The Difference between Open-ended and Closed-Ended Loans
- 12/07/07 08:08 AM
It occurred to me, as I was writing my blog post on Mortgage Accelerator Programs, that an explanation of the differences between Open Ended and Closed Ended Loan products might be helpful. Open Ended Loans: are loans that allow you to put money in, (make a payment) and take money out (make charges or cash with-drawls). These loans have credit limits that you cannot exceed without penalty. They are flexible loan products that provide the consumer with options. On an open ended line of credit you only pay interest if a balance is kept at the end of the statement period. One of … (24 comments)
This Blog is my voice on the political, financial and social implications of debt. My goal is to encourage my readers to think outside their own personal reality and to challenge the social and political truths we have been taught about money, finance and our "free market" economy.
It occurred to me, as I was writing my blog post on Mortgage Accelerator Programs, that an explanation of the differences between Open Ended and Closed Ended Loan products might be helpful.
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