The terms of accounting which is much used these days are debtor and creditor. Creditor is person who lends money and debtor is the person who owes such money. This happens in normal business transaction or in forwarding business loans or other various purposes. Banking companies giving loans are the creditors where the clients who take the loan from such companies are the debtors.
In the past days, baking sector was a government enterprise and almost all the banking companies used to be government entities. But soon with the advance of the world and with the advent of free trade, globalization, many private players have also come down in the field of banking sectors.
These companies not only provide loans but also have methods and schemes of credit repair. They have become versatile in their own respective field and people are opting for the services of these private companies more than their governmental counterparts.
The reasons for this are simple. These company allows for easy money and the process of procuring money is way more lenient a liberal than the process followed by the banking companies which are governmental entities. The time required for these companies to sanction the loans is also much lesser which is easily the most attractive feature that the clients look for in a company providing loans.
Personal loans along with business and loans for other purposes such as car loan, house loans etc are forwarded by these private companies. Though the rate of interest may be a bit higher than that sought by the government but this is more beneficial and effective as it totally suits the needs o f the clients. These are also all purpose loans and there is not fixed date of credit advance.
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