Can term debtor be used interchangeably with a term borrower?
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jaquelin
Apprentice
Joined: 01 Aug 2007
Posts: 1
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 Posted: 09/03/08 - 10:44 Post subject: |
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| Hi there everyone. My name is Maria and I would appreciate if you could tell me something about loan terminology. I am not quite clear what is what. Can term debtor be used interchangeably with the term creditor? Thank you in advance for your posts. I am looking forward to them. |
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raleigh
Apprentice
Joined: 02 Mar 2005
Posts: 1
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| Posted: 09/18/08 - 07:17 Post subject: |
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| Hello there Maria. Well yes, there are many terms about loans and banking in general. It is hard sometimes to remember everything. Now, when it comes to what you asked, here’s the thing. You cannot use terms debtor interchangeably with the term creditor. Those two are totally opposite. Debtor is the one who borrows money and creditor is one who lends it. That’s it. I hope that I was of some help. Bye! |
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margie
Apprentice
Joined: 22 Jul 2006
Posts: 1
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| Posted: 10/03/08 - 03:51 Post subject: |
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| Hello Maria. There is not way you can use terms debtor and creditor interchangeably. Those are two major parties in the loan transaction and they have totally opposite functions. Debtor is the individual or organization which takes the loan, while the creditor is the one which provides it. Creditor can be bank, some other financial institution, or it can also be some individual. Well, that is all. Good bye! |
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