Definition, Meaning & Synonyms
on-credit
Adjective
/ˈɒn ˈkrɛdɪt/
Definition
A financial term used to describe a transaction where goods or services are provided without immediate payment, with the understanding that payment will occur at a later time.
Examples
- She decided to purchase the new laptop on-credit to manage her cash flow better.
- The store offers many items on-credit to help customers with their shopping needs.
Meaning
When something is bought on-credit, the buyer receives the item now but agrees to pay for it later, often with the possibility of interest.
Synonyms
- Credit
- Deferred payment
- Installment
