What Is a Loan?
The term loan refers to a type of credit vehicle in which a sum of money is lent to another party in exchange for future repayment of the value or principal amount. In many cases, the lender also adds interest and/or finance charges to the principal value which the borrower must repay in addition to the principal balance. Loans may be for a specific, one-time amount, or they may be available as an open-ended line of credit up to a specified limit. Loans come in many different forms including secured, unsecured, commercial, and personal loans.
A loan is when money is given to another party in exchange for repayment of the loan principal amount plus interest.
Loan terms are agreed to by each party before any money is advanced.
A loan may be secured by collateral such as a mortgage or it may be unsecured such as a credit card.
Revolving loans or lines can be spent, repaid, and spent again, while term loans are fixed-rate, fixed-payment loans.
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