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A loan is a lump sum amount you borrow from a financial institution. To repay the loan, you make fixed payments over a predetermined period.
A line of credit is a revolving source of funds, up to an approved amount. You access the funds only when you need them. Any amount you repay is accessible to you again without reapplying. Unlike a personal loan, a line of credit lets you write cheques and make ATM withdrawals. Also, you only have to pay interest on the funds you use.