Credit

The ability to borrow money or to purchase goods or services on the promise of future payment.

More Details

Credit is a financial tool that allows individuals and businesses to borrow money from lenders in order to make purchases or investments. The money must be paid back to the lender, along with any interest or fees that may be due.

Example

If you want to buy a new car but do not have enough cash on hand to pay for it outright, you may take out an automobile loan which is a type of installment credit.

Ready to Own the Home of Your Dreams?

Join now to get access to the competitive rates, member-friendly loan products, and educational resources you need to secure an exceptional financial future.