What are some examples of creditors?

Examples of creditors you commonly use include mortgage companies, credit card companies, banks, hospitals, and any other company that you do not have to pay immediately when you receive a service or an item,” said Kendall Meade, a financial planner with SoFi. With most creditors, you’ll apply for financing before credit is extended.

What are the different types of creditors?

There are several types of creditors, such as real creditors, personal creditors, secured creditors and unsecured creditors. Real creditors: A real creditor is a financial institution, such as a bank or credit card issuer, that has a right to be repaid. Personal creditors: These are friends or family you owe money.

Who is considered a creditor?

Creditors are people or companies that lend money or extend credit to borrowers (consumers and businesses). Any financial lender is considered a creditor. Some of the common types of consumer debt offered by creditors include mortgages, credit cards, student loans, auto loans and personal loans.