What Is a Loan?
The term loan refers to a type of credit vehicle in which a sum of plutocrat is advanced to another party in exchange for unborn prepayment of the value or top quantum. In numerous cases, the lender also adds interest or finance charges to the top value which the borrower must repay in addition to the top balance.
Loans may be for a specific, one- time quantum, or they may be available as an open- concluded line of credit up to a specified limit. Loans come in numerous different forms including secured, relaxed, marketable, and particular loans.
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