Legal Definition of Credit: The ability of someone to borrow, based upon the opinion of the bank, or other lender, as to his capability to repay and his reliability to repay | Gain a clear understanding of the legal definition of credit and how it impacts your business. Learn how lenders evaluate creditworthiness and make informed decisions about granting credit. Discover the importance of credit in personal and business finance, and how it can open up opportunities for growth and expansion. Manage your credit responsibly and seek professional advice to achieve your borrowing goals