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.
A lease is a contractual or legal agreement, which indicates the time and date of the contract and the tenure/duration for which it will remain valid. The lessee has the legal right to use the property or any other service/equipment for this duration as specified in the terms and conditions of the agreement/contract. Various types of contracts are regulations are applicable in case of the duration of lease arrangement. There are various kinds of leases as well.
Duration of lease is characterized by widespread applicability in the real estate sector. There are residential leases, i.e. when a property owner leases out a property to a tenant for a particular duration (the duration of the lease) and also when the Government or any housing authority leases properties to owners for a specific period like 99 years and so on. At the same time, there are leases with longer durations than residential leases, seen in the commercial and office real estate sector. There are retail leases and industrial leases as well. All leases have their own sets of terms and conditions that all parties must check carefully.
