Creditor
A person (or institution) who extends credit by giving permission to borrow money if he or she promises to pay it back at a later date. Creditors can be classified into either personal or real. Those who have lent money to friends or family are personal creditors. Real creditors (i.e. a bank or finance company) have legal contracts with the borrower granting the lender the right to claim any of the debtor's real assets (e.g. real estate or car) if he or she fails to pay back the loan.
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See also: Bank, Bankruptcy, Chapter 11, Chapter 7, Credit, Discharge in Bankruptcy, Loan, Mortgage, Unsecured Creditor, Writ of Seizure and Sale
creditor