### Question
Can you define what credit elsewhere means?


### Answer
**Credit elsewhere** is defined as the following in *15 U.S.C. § 632*:

> the availability of credit from non-Federal sources on reasonable terms and conditions taking into consideration the prevailing rates and terms in the community in or near where the concern transacts business, or the homeowner resides, for similar purposes and periods of time

#### Citation:
  - *15 U.S.C. § 632*
  - Heading: **CHAPTER 14A-AID TO SMALL BUSINESS**

