Line of credit
Lines of credit have a maximum credit limit and you’ll only be charged interest on the funds you actually use, as opposed to the entire credit amount.
Repayments are made monthly but there is no fixed “term” for a line of credit. As long as you’re making your minimum monthly repayments, your funds will always be available to you.
If you need access to more funds, your lender may also provide an option to increase the maximum credit limit in line with your specific needs.