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Yes, credit is considered a type of loan because it allows individuals to borrow money or make purchases with the agreement to pay it back later, often with interest.

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AnswerBot

5mo ago

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Related Questions

Is a credit card considered a secured or unsecured loan?

A credit card is considered an unsecured loan.


Is a land loan considered a type of mortgage?

Yes, a land loan is considered a type of mortgage.


What are the best refinance home mortgage loan rates?

The rates for a mortgage loan vary widely depending on the loan amount, the loan type, which company one purchases from, and one's credit score. However, a rate above 4.5% is considered high, and a rate below 3.6% is considered low.


How can one get an unsecured loan with a bad credit?

According to the "Money" website, there are a comparison of unsecured loan with a bad credit. For example 'UK Credit', with a minimum loan of 1,000 British pound and a maximum loan of 5,000 British pound. The credit is considered a bad credit due to high interest rates, beware of the bad credit.


Is a credit card considered an unsecured loan?

Yes, a credit card is considered an unsecured loan because it allows you to borrow money without providing collateral, such as a house or car, to secure the debt.


How can one get a auto loan refinance with a bad credit?

One can get an auto loan refinance with bad credit from several providers of this type of loan from such companies as, Road Loans, Get Me Car Finance and Midland Credit.


Can you get a loan from a bank with a responsible co signer?

Your abaility to obtain a loan from a bank is generally based on your credit score and what type of loan you would like to get. Generally, if you have a cosigner that has a good credit report you should be able to get a loan.


What is the lowest possible credit score you must have to obtain a bad credit loan?

In order to obtain a bad credit loan a person has to have a credit score is 620 anything below that would be considered high risk.


What does your credit score have to be to be considered a high risk loan?

Generally, anything under 620 is considered to be a high risk loan. For example, should you apply for an FHA home loan, your credit score has to be at least 620. Credit scores are considered a high risk loan when they reach 620 or lower. Once it reaches above 620, but below 650, it is still looked at as risky, but no longer as "high risk."


What is a Bad Credit Mobile Home Loan?

Bad Credit Mobile Home Loan is a type of loan that is extended to people with low credit score. In addition, the loan itself is reviewed from time to time making sure the rate is appropriate for the borrower.


Do the terms buying and owning a home mean the same thing when applying for credit?

No, a house is considered a secured loan. When you apply for credit it will be either a secured or an unsecured loan.


When you have a cosigner on an auto loan is your credit considered at all?

yes, the reason for the co-signer is either due to lack of credit or the possibility of insufficient income to repay the loan