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A loan is an agreement between a lender and a borrower where the borrower receives money from the lender with the promise to pay it back over time. The borrower agrees to a set of terms, including the interest rate, repayment date, and other conditions.
Here are some things to know about loans:
- Interest: The cost of borrowing money, which is typically charged on loans.
- Repayment: The borrower usually pays back the loan in instalment over a set period of time.
- Collateral: In some cases, the lender may require the borrower to offer an asset as collateral.
- Types: There are many types of loans, including car loans, student loans, and home mortgages.
- Target markets: Loans can be given to individuals, corporations, and governments.
- Revenue: The interest and fees on loans are a source of revenue for the lender.
