There are some different types of Credit that are defined as under.
- Installment loans, including auto loans, student loans and furniture purchases
- Mortgage loans
- Bank credit cards
- Retail credit cards
- Gas station credit cards
- Unpaid loans taken on by collection agencies or debt buyers
- Rental data
Installment Loans
Installment loans is a loan that a borrower pay back the credit after a certain period of time with a fixed schedule that is called Installment loan.
Mortgage Loan
Mortgage loan is a loan where lender demands security so any property is taken as a collateral and then pay the borrower a certain amount of money to pay back with a fixed schedule.
Bank Credit Card
Bank credit card is a card that is issued by the lender (Bank) to borrower to receive goods and services and payback to the lender with plus amount.
The lender (Bank) initiates a revolving
account and awards a line
of credit to the borrower, from which the borrower can borrow
money for payment to a merchant or as a cash
advance.
Retail credit cards
Retail credit card is also called a store credit card where a lender (Store may be) can issue a retail credit card to its customer for a certain limit as a third party of regulator where customer shops goods and services from any store and get befitted from the store like discounts,free shipping etc..
Gas station credit cards
This changed into done to avoid a credit card interchange fee which raised the price of gas notably. The first business fuel cards resembled a credit score card with a name and a employer logo on them. When a consumer entered a fueling station, the cashier might take down the consumer's name and corporation facts.
