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Definitions
Directory
Dictionary > Initials > The redeemable credit
The redeemable credit
Definition
The redeemable Credit makes it possible to the consumer to precisely know the object of the financing.
Description
This type of financing is granted for the purchase good conveys or cooks for example) or of a precise service. It is also called: "instalment purchase or credit sale ". It can take two forms according to the place where it is subscribed: * When it is subscribed in an agency of an organization of financing, it is generally in the sight of the purchase of a good or a precise service and to come; a purchase order will be requested from the customer * When it is subscribed in a store, the financing generally takes place at the same time as the purchase of the good or the service. The store takes care of all the formalities near the organization of financing to carry out the financing This formula allows on the one hand the automatic cancellation of the contract of Credit if the sale does not take place, on the other hand, if you have a litigation on the sale of the good or the service, the possibility of obtaining under certain conditions the suspension of refunding.
Author
Anwar Hossain
Author Email
anwtele@yahoo.com
References
Coast Capital Savings Credit Union - Redeemable