Business and Personal Finance Dictionary

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• CLOSED-END CREDIT
  
  Credit extensions in which the borrower receives the entire proceeds of the loan at or shortly after the loan is closed. In closed-end credit facilities, the amount borrowed cannot increase after it has been disbursed and partially repaid. Closed-end credit may require regular repayment of principal (see installment note and term note) or may only require the repayment of principal at maturity. See bullet loan, single-payment loan, and time note.
  
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