The Different Types of Credit

In Canada the most common types of loans, such as car loans, credit cards or mortgages, fit into one of two types of credit. The two main types of credit in Canada are:

Installment Credit and Revolving Credit.

Consumer Credit

The secret to getting approved with bad credit in Canada starts with understanding consumer credit and how credit reporting works. Any Bad Credit Canada and its team of bad credit experts have put together several easy to understand consumer credit, bankruptcy and bad credit definitions. Any Bad Credit Canada presents complex Canadian credit and bankruptcy content in plain and easy to understand language. We always uses real world examples to make learning about credit simple.

Before you understand how bad credit can affect you and your Canadian credit score, its important to understand consumer credit.

So What is Consumer Credit?

In its most basic form credit is an agreement between parties, where one party agrees to loan resources to another. The obligations for each party vary.