Which of the following credit types allows continued access to credit without a set repayment term?

Revolving credit is characterized by its flexible access to funds and ongoing availability, allowing borrowers to draw from a predetermined credit limit at any time without a set repayment term. This means that as you repay some of the borrowed amount, that credit becomes available again for future use. Credit cards are a common example of revolving credit, where the balance can fluctuate each month based on purchases and payments made.

In contrast, single payment loans require repayment in a lump sum at a specific date, which does not offer the flexibility of continued access to credit. Service credit typically refers to agreements where services are provided in exchange for future payment, without direct access to cash. Installment financing involves borrowing a fixed amount and paying it back in equal installments over a predetermined period, which also does not allow for ongoing access to credit. Each of these alternatives has its own structure and limitations compared to the open-ended nature of revolving credit.