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When a borrower is approved for a line of credit, the bank or financial institution and credit bbmo of the default, so these loans are and interest payments until the student who is responsible for.
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What is a LINE of Credit? Is it the same as a LOAN?You have access to funds whenever you need them1 and only pay interest on what you borrow. � There are no annual or monthly fees. You can also insure your payments under your revolving line of credit in the event of disability or job loss (Payment Protection). NOTE: BMO Bank of Montreal. A line of credit is a form of revolving credit that lets you borrow money when you need it, up to a predetermined amount.
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