What is credit?

You may want to go on a holiday or buy a new car but you haven't got the cash. One way to get the things you want now is with credit. Credit is the promise to repay, with interest, money borrowed from another. Examples of credit include housing loans, credit cards, personal loans and store cards. Credit providers or lenders include banks, credit unions, finance companies and other businesses.

Last Updated:
04 Jun 2019

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