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Simple English definitions for legal terms

open-ended loan

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A quick definition of open-ended loan:

An open-ended loan is a type of loan that doesn't have a specific end date. This means that you can borrow money up to a certain limit, pay it back, and then borrow again. Examples of open-ended loans include credit cards and lines of credit. When you borrow money, you'll need to pay interest on it. Credit cards and lines of credit are based on your credit score, which is a number that shows how good you are at paying back money you borrow.

A more thorough explanation:

An open-ended loan is a type of loan that does not have a specific end date. This means that the borrower can continue to borrow money as long as they meet the terms of the loan agreement. Examples of open-ended loans include:

  • Line of Credit: This is an agreement between a borrower and a financial institution. The borrower is pre-approved to take out funds up to a certain dollar limit. The borrower can use the money and pay it back, and then use it again up to the dollar limit. The institution will require interest payments to be made on the funds drawn. Sometimes, collateral is required for this type of loan.
  • Credit Card: This is an agreement between a borrower and a financial institution. The borrower is allowed to borrow funds up to a pre-approved dollar limit. The borrowed money must be paid back within a certain time period, otherwise interest accrues.

For example, if a borrower has a line of credit with a $10,000 limit, they can borrow up to $10,000 and pay it back. They can then borrow up to $10,000 again, and so on, as long as they continue to meet the terms of the loan agreement. Similarly, if a borrower has a credit card with a $5,000 limit, they can use the card to make purchases up to $5,000. They must pay back the borrowed money within a certain time period, or they will be charged interest.

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ParallelAgreeableOrangutan
19:25
Hi llama!!
21:15
@ParallelAgreeableOrangutan: How are you!
ParallelAgreeableOrangutan
22:02
tbh kinda losing my mind, I'm visiting my parents in my childhood home and whenever I do this I remember why I never do this aahhaha
ParallelAgreeableOrangutan
22:02
My dog likes it here tho
ParallelAgreeableOrangutan
22:02
How are youuuuu?
22:26
@ParallelAgreeableOrangutan: Deep/tough. Feels. Im well working on a project so im happy :)
22:28
should i hit the dmt pen in the sauna and meet god
ParallelAgreeableOrangutan
22:31
Ooh what kind of project? Work, passion, neither, both?
ParallelAgreeableOrangutan
22:31
@NemoPropheta: do it do it
22:37
alright day before my lsat ill hit a blinker in the sauna and become one with the test
22:47
@ParallelAgreeableOrangutan: law school data so just passion.
22:47
@NemoPropheta: noo they drug test before the LSAT! U will get flagged!
ParallelAgreeableOrangutan
23:19
I'm intrigued llama
ParallelAgreeableOrangutan
23:21
Holdddddup all that number crunching on your lsd profile is your work? Damn
ParallelAgreeableOrangutan
23:21
I don't visit y'all's profiles enough, clearly
NarrowFaithfulCougar
0:22
@NemoPropheta: Ahh yeah, the Sauna. That's some good Nordic shit. Beats the hot tub hands down. Plus everyone is naked.
1:23
@ParallelAgreeableOrangutan: got that weaponized autism in gear, we out here.
@llama: your cycle confuses me, your stats are good and you applied early but all of those Rs? Is there anything weird about your app?
do you have C&F issues or something?
also ur first choice is kansas but you didnt apply there?
12:55
@RasheedWallaceFan: Hi. Yes, I waited for April LSAT, put almost all apps (which were sent really early) so that basically most of my apps were reviewed In May. Shot myself in the foot for 155 -> 161 lmao. Would not recommend 10/10
12:57
@RasheedWallaceFan: unironically, KSLS was my top choice, however by April LSAT their app had closed. It was like waiting to date ur dream partner, but waiting until you graduate uni, then by the time u graduate uni, your soul mate is already married with 2.4 kids and 1.6 dogs. Heartbreak.exe fr fr
12:58
are you R&Ring?
13:00
No, I think what I will do is flip a coin: heds NKU, tails NEL|B what u guys think bout dat. Then once 1L - if good at LS, try to transfer, if bad at LS or one of my grandiose ideas/inventions are viable, drop out and pursue.
oh so you submitted the apps with a lower lsat and then retook
got it
Bettercaulsaul
13:33
Most schools will hold your application for the next test score to be released into your account as well. I was notified by an admissions director that if a decision is processed they will not retroactively go back for the new score even if higher
ParallelAgreeableOrangutan
13:34
I vote NEL-Boston so we can be friends :D
ParallelAgreeableOrangutan
13:34
But it says you withdrew?? :(
ParallelAgreeableOrangutan
13:41
@Bettercaulsaul: in my experience, there is often an option on the application for you to choose whether you'd like them to review your application as-is ASAP or hold it until your new score is released. but it probably varies by school—I just remember seeing that option on at least a few app forms
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