A credit agreement is a contract/agreement between a consumer and credit provider in which a credit provider offers a product or monies to the consumer. According to the National Credit Act (NCA) the consumer has to be given a contract (that explains the terms and conditions of the agreement) and a quotation (disclosing the total amount/fees payable under the specific agreement) by the credit provider on acceptance of the agreement.
The Act also defines a credit agreement as:
a)         a credit facility,
b)         a credit transaction,
c)         a credit guarantee, or
d)         any combination of the above.