Line of credit also known as a LOC. There are many ways you can borrow money in order to help with your finances, however, the problem is that you get the whole amount at once, even though it may turn out that you only needed some of it. In a nut shell a LOC can give you access to money which you can use only when you need it.
Likewise, with line of credit you can pay for almost anything when the need arises. If you are dealing with an unexpected expense, having a line of credit will ensure that you have access to immediate funds. It is a kind of an ‘on demand’ service. Hence, you can use as little or as much as possible within your credit limit. Usually banks or credit unions offer this service.