Guide to Closed-End Credit: What It Is & How It Works
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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
Are Personal Loans Closed-End Credit Loans?
Closed-End Credit Definition
How Does Closed-End Credit Work?
Closed-End Credit Example
Secured Closed-End Credit vs Unsecured Closed-End Credit
How Does Closed-End Credit Affect Your Credit?
How is Closed-End Credit Different From Open-End Credit?
Closed-End Personal Loan
The Takeaway
Frequently Asked Questions
About the Author
Sulaiman Abdur-Rahman writes about personal loans, auto loans, student loans, and other personal finance topics for Lantern. He’s the recipient of more than 10 journalism awards and currently serves as a New Jersey Society of Professional Journalists board member. An alumnus of the Philadelphia-based Temple University, Abdur-Rahman is a strong advocate of the First Amendment and freedom of speech.
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