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It is a pre-approved loan between a borrower and a lender. These loans may be utilized repetitively and can be repaid before the payment obligations. Open-end credit is also known as a revolving line of credit or a line of credit. It is beneficial for a borrower as it gives more flexibility around when and how much they borrow. Open-end credits are like credit cards which have a pre-approved limit and can be used repeatedly by repaying the due amount.