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.
Cooperatives or co-ops are associations of voluntarily-united and assembled individuals who hold joint ownership/shares of the entity, housing society, business, or corporation. Members have votes that decide all activities of the cooperative as well.
There are various types of cooperatives with several ownership mechanisms. In the real estate sector, there is cooperative ownership of a housing society or unit. This is a legal body with members running it democratically and this body will have ownership of the residential project, housing society, community, or block, along with its facilities and amenities. Governance of the cooperative society is done according to prevalent laws and rules for the same.
