You have a credit, when a body or a person lends you a sum of money.
There are two major types of credit.
Housing loans or mortgages and personal or consumer loans associated with a specific object or objects – for example, a new kitchen or a home. The revolving credit facility through payment cards will be able to provide access to a certain amount of money, you can spend as you wish, to a broad range of businesses and other retail stores.
Repayment
The loans typically are paid in stable doses within an agreed period time. The mortgages or home loan can be paid off with variable doses, but most personal loans define stable, almost equal redemptions.
The revolving credit means that you have always had access to the amount of your credit limit that has not been spent. Every time you pay off a part of the pending debt, the amount of the credit limit you have, is again available to spend. So, if you have a credit limit of 1,000, spend 300 and 100 off, then you have available for 800 to spend.
Irrespective of which type of loan you choose, be sure it repay the instalments on time, otherwise you may face economic...
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