loan

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Loan

Temporary borrowing of a sum of money. If you borrow $1 million you have taken out a loan for $1 million.

Loan

The extension of money from one party to another with the agreement that the money will be repaid. Nearly all loans (except for some informal ones) are made at interest, meaning borrowers pay a certain percentage of the principal amount to the lender as compensation for borrowing. Most loans also have a maturity date, by which time the borrower must have repaid the loan.

A loan may be guaranteed by collateral, meaning that the lender either keeps an asset belonging to the borrower until the loan is repaid or has the right to seize such an asset in the event of default. Often, loans are obtained to purchase a major asset, such as a house. These loans are generally guaranteed by the asset they are used to buy. Lending is a foundational component of capitalism.

loan

the advance of a specified sum of MONEY to a person or business (the BORROWER) by other persons or businesses, or more particularly by a specialist financial institution (the LENDER) which makes its profits from the INTEREST charged on loans. The provision of loans by COMMERCIAL BANKS, FINANCE HOUSES, BUILDING SOCIETIES etc. is an important source of CREDIT in the economy serving to underpin a substantial amount of spending on current consumption and the acquisition of personal and business assets.

Loans may be advanced on an unsecured or secured basis; in the latter case the lender requires the borrower to offer some form of COLLATERAL SECURITY (for example property deeds) which the lender may retain in the event of the borrower defaulting on the repayment of the loan. See BANK LOAN, INSTALMENT CREDIT, MORTGAGE, LOAN STOCK, DEBENTURE, LOAN GUARANTEE SCHEME, INTEREST RATE, SOFT LOAN.

loan

the advance of a specified sum of MONEY to a person or business (the BORROWER) by other persons or businesses, or more particularly by a specialist financial institution (the LENDER), which makes its profits from the INTEREST charged on loans. The provision of loans by COMMERCIAL BANKS, FINANCE HOUSES, BUILDING SOCIETIES, etc., is an important source of CREDIT in the economy, serving to underpin a substantial amount of spending on current consumption and the acquisition of personal and business assets.

Loans may be advanced on an unsecured or secured basis; in the latter case the lender requires the borrower to offer some form of COLLATERAL SECURITY (for example, property deeds) which the lender may retain in the event of the borrower defaulting on the repayment of the loan. See BANK LOAN, INSTALMENT CREDIT, MORTGAGE, LOAN CAPITAL, DEBENTURE, LOAN GUARANTEE SCHEME, INTEREST RATE, SOFT LOAN, BOND.

References in periodicals archive ?
The first securitization of loanDepot personal loans coincides with the company's nationwide work force surpassing 5,000 employees, and the expansion of its Consumer Lending division to a new 40,000 square foot location in Orange County, CA.
hk offers comprehensive, free and independent online overviews of insurance, credit cards, personal loans and other financial products in Hong Kong.
The decision allows borrowers to apply for renewing their personal loans after 24 months of starting repayment provided that there is an evidence that the borrower has credit efficiency or has paid 50% of the loan.
Once you know what loans you are eligible for, it is important to look at the full cost of the personal loan and not just the rate.
NAB is the only major bank that doesn't charge any early exit fees on Personal Loans, including on fixed rate loans, helping save our customers even more.
Since its launch, the Mashreq's Majestic Personal Loan product has evolved into several variants to meet the diverse needs of our customers, viz: the Majestic Go loans, the Majestic Loan with Job Loss cover, the Personal Loan with an iPad and the Majestic Loan with a travel package.
She said: "There has definitely been a recent price war on personal loan rates.
Step 1: Fill out a simple, secure and confidential personal loans application 24 hours a day, 7 days as week at PlainGreenLoans.
However, aggregate exposure of banks/DFIs in respect of prime customers has been capped at up to 20% of the total exposure on account of credit cards and personal loans, says BPRD Circular Letter No.
The central bank, after a review of personal loans, found that UAE nationals were paying high repayment installments, it said in a statement.
Additionally, the level of personal loans in Lebanon is below that of developed countries," the source adds.
In 1998, the volume of personal loans extended by local banks was merely SR11.

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