CREDIT FACILITY: when money, goods or services are supplied by the credit provider at the request of the consumer. The repayment of the loan, goods or services are postponed to a certain date in the future, together with interest and/or fees/charges. For example, credit cards, overdrafts and so on.
A credit agreement is entered into when a person (“consumer”) buys goods or services on credit or borrows money from another (“credit provider”) in return for the payment of interest and/or fees/charges. Read more about credit agreements.
