BANKING AFFAIRS

Detailed explanation-1: -Definition. Lending products are any of the wide variety of bilateral credit products that are offered by private or public banking firms and institutions. Credit Cards. Car Loans. Mortgages.

Detailed explanation-2: -Retail lending is a widely established business across the financial sector and garners a significant amount of profit for the lending institution. Popular retail lending products include personal loans, line of credit accounts, credit cards, home equity lines of credit, and mortgages.

Detailed explanation-3: -A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder’s accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the other agreed charges).

Detailed explanation-4: -A credit card is an example of an open-end consumer loan.

Detailed explanation-5: -A credit card loan is one that is pre-approved from your bank. Since, you already have a credit card with the issuer, all your personal and financial information is with the bank. Owing to this, credit card loans do not involve any specific documentation procedures and hence, are considered pre-approved.