What is Evergreen Loan?
A loan that does not require the principal amount to be paid off within a specified period of time. Evergreen loans are usually in the form of a short-term line of credit that is routinely renewed leaving the principal remaining outstanding for the long term.
Also called a “”standing”” or “”revolving loan””. Read more for examples and further explanation including related video clips and also comments
Example explains Evergreen Loan
Credit cards and checking account overdraft lines of credit are widely-used as evergreen or revolving loans. Evergreen loans are a useful type of personal credit because the user does not need to reapply for a new loan every time they need to use it.
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