Understanding credit
Laws and terminology relating to credit, debt and loans
Credit is an arrangement where money, goods or services are provided by a “creditor” (or “lender”) in exchange for the acceptance by the “debtor” (or “borrower”) of an obligation to pay at a later date or gradually over time, and usually with an additional cost known as “interest”.
Information about credit types, features, the Code and related terms
This subsection of the website provides detail about the Consumer Credit Code and what it means to you, and explains some of the terms you might come across in relation to credit, including credit reports, credit files, credit contracts and comparison rates, and explains some of the terminology used in describing loan products.
- Credit regulation in WA
- The Consumer Credit Code
- Credit files and credit history
- Credit contracts
- Comparison rates
- Loan terminology
For more information, see the Credit and debt brochure.