How is open-ended credit different from installment (closed-end)credit?

Open-ended credit allows borrowers to access a revolving line of credit, enabling them to borrow, repay, and borrow again up to a specified limit, like credit cards. In contrast, installment (closed-end) credit involves borrowing a fixed amount of money that is paid back in regular installments over a set period, such as personal loans or mortgages. While open-ended credit provides flexibility in borrowing and repayment, installment credit requires a structured repayment plan with a defined end date.