Loan

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A loan is the giving of money by one person or entity (usually a bank) to another person or entity who promises to repay the loan in the future, typically with interest. Usually the loan is given based on the security of the lender being able to acquire ownership of the asset being acquired by the loan.

While personal loans among individuals may involve repayment all at once, loans through financial institutions usually encompass regular payments to satisy the debt.

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