Credit gives the word to pay either by repaying it or returning those resources later. In other words, this credit is the method of making the reciprocity formal, legally enforceable, and of course, extensible to a vast group of people who are not related.
However, the resources provided may be financial or have goods or services, like consumer credit. The credit covers any form of deferred payment. Credit generally gets extended by the creditor, the debtor or lender, and sometimes the borrower.
The definition of a co-op is a business/housing estate which functions for the benefits of all the members, while being completely owned by the members as well. Everybody in the co-op has a definite requirement for the service/product being offered, and it is not only financial benefits, but also a utilitarian advantage.
Co-ops are residential housing cooperatives or societies. Here, the owners do not have total or outright ownership of their cooperative units. Every resident is a shareholder of the entire society or corporation for taking care of the property or estate. This is thus one of the ways to have ownership of a private home or primary place of residence. Some owners may sell their units or shares in the market as well. Housing cooperatives or cooperative societies are legal entities which own real estate colonies, communities, and blocks with one or multiple buildings.
