Final answer:
An advantage of a line of credit over other types of personal loans is that if the borrowed funds are repaid, then the credit line is still available for future use without having to apply for another loan. It is also an unsecured loan, and the interest rate is competitive with other low-cost forms of credit.
Step-by-step explanation:
An advantage of a line of credit over other types of personal loans is that if the borrowed funds are repaid, then the credit line is still available for future use without having to apply for another loan. This means that the borrower can use the available credit whenever needed, without going through the approval process again. Additionally, a line of credit is usually an unsecured loan, which means that the borrower doesn't need to provide any collateral like property or equipment.
Furthermore, the interest rate on a line of credit is often competitive with other low-cost forms of credit. This makes it a desirable option for borrowers who want access to funds at a reasonable cost. Therefore, all of the above options - availability of credit after repayment, unsecured nature of the loan, and competitive interest rate - are advantages of a line of credit over other types of personal loans.