The modern credit system is a set of various credit and financial institutions operating in the credit market and carrying out the accumulation and mobilization of monetary capital. Credit usapaydayloans classification is traditionally carried out on several basic grounds. The most important of them are the category of lender and borrower, as well as the form in which a particular loan is granted. Based on this, there are several fairly independent types of credit: Bank, mortgage, consumer, car loan, credit card, agricultural, commercial, state, international, Lombard, usury.

A Bank loan is the granting of a loan by a credit institution to a borrower on the terms of repayment, payment, for a term and for strictly specified purposes, and most often under guarantees or collateral. Recipients of this type of loan can be both individuals and legal entities. Bank credit is provided exclusively by credit and financial institutions licensed to carry out such operations from the Central Bank. This is one of the most common forms of credit relations in the economy.

A mortgage loan is provided for the purchase of real estate, which either itself serves as a guarantor of the loan, or the loan is issued against the security of other property. This type of loan is usually long-term and is issued for a period of ten to thirty years.

Consumer credit, as a rule, is issued for the purchase of any goods of General consumption (furniture, appliances, etc.). In monetary form it is provided as a Bank loan to an individual, in commodity, at retail sale, as a deferred payment. This type of loan usually has a fixed interest rate that cannot be changed by either party. Banks, specialized credit organizations, as well as any legal entities engaged in the sale of goods or services can act as a lender. Consumer credit is regulated by the state more carefully than its other types, as it is related to the needs of the population, the regulation of its standard of living.

A car loan is issued by the Bank for the purchase of a car. It does not matter what kind of car the borrower is going to buy: new or old. This type of loan implies a longer period than the consumer, the amount received can also be much larger, and the interest rate depends on the cost of the car. Cons are that if the owner of the car wants to sell it, he will be obliged to inform the Bank. The procedure of registration of purchase and sale will be much more difficult.