ONE PAYMENT CREDIT
This type of credit is simple. A creditor lends an amount of money to the borrower with the promise that he will pay the borrower in full at the end of a period of time. This type of credit may or may not carry interest.

The advantages are that the borrower gets all the money at once and has to pay it all off at the end. The credit of a single payment requires a certain degree of confidence in the borrower to pay it back on the established date; That is why it is usually done among family and friends

CREDIT IN INSTALLMENTS

Installment credit is loaned to the borrower in a single amount; The borrower pays it with interest on the principal of the credit over a period of time and in regular installments.
Therefore it is very important to pay on time. Although it may be inconvenient to remember the installments, the interest will continue
growing, and if you go into default (late payment) the costs will be even higher. Interest is the main reason for the borrower to pay the installments regularly.

RENEWABLE CREDIT OR CREDIT LINE

Revolving credit grants a monthly credit limit with the expectation that the borrower will repay an amount every month. If the amount spent is not paid in full, interest is applied to what is left and carries over to the following month.
The advantage of revolving credit is the financial freedom of being able to spend more money than you have in your account. However, the downside is the liability that comes with credit, requiring you to pay interest on the remainder. Interest on unpaid balances can add up quickly.