credit

A Credit is a financial arrangment in which somebody (person, business or other entity) can borrow funds up to certain amount, which has to be paid back to the lender in the future. The borrower usually pays interest on the borrowed money.

In today's financial world there are hundreds if not thousands of different credit products including but not limited to mortgages, lines of credit, refinancing loans, credit cards, business loans, education loans, and consolidation loans.