Question

What is credit?What are types of credit?

Answer 1

credit is a method of making reciprocity formal, legally enforceable, and extensible to a large group of unrelated people.
Car loans, mortgages, and home equity loans are common types of secured credit. 
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Answer 2

Credit refers to the concept of a lender providing a loan for a borrower. There are various different types of credit – such as credit cards, overdraft facilities, higher purchase agreements and personal loans – depending on how the borrower intends on repaying the finance.