Credit

From WikiMD's medical encyclopedia

Credit is a contractual agreement in which a borrower receives something of value now and agrees to repay the lender at a later date with consideration, generally with interest. Credit also refers to an entry recording a sum received, listed on the right-hand side or column of an account.

Types of Credit

There are many types of credit, including but not limited to bank loans, personal loans, commercial loans, and real estate loans, credit card loans, installment loans, payday loans, and secured loans.

Bank Loans

A Bank loan is a type of credit which a bank offers to its customers, based on the borrower's credit rating and ability to repay the loan.

Personal Loans

A Personal loan is a type of credit that consumers take out to cover personal expenses.

Commercial Loans

Commercial loans are a type of credit that businesses use to pay for capital expenditures and/or operating expenses.

Real Estate Loans

Real Estate loans, also known as a mortgage, are a type of credit that individuals or businesses use to buy real estate property.

Credit Card Loans

Credit card loans are a type of credit that consumers use to make purchases with a card issued by a bank or other financial institution.

Installment Loans

Installment loans are a type of credit that consumers use to make a specific purchase, and the loan is repaid in regular installments over a set period of time.

Payday Loans

Payday loans are a type of credit that consumers use to get cash quickly, often to cover unexpected expenses or to bridge a temporary gap between paychecks.

Secured Loans

Secured loans are a type of credit that consumers use when they offer up an asset, like a car or house, as collateral.

Credit Score

A credit score is a numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of an individual.

See Also

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Credit

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Contributors: Prab R. Tumpati, MD