Difference between revisions of "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 [[promise]]s 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 | + | A '''loan''' is the giving of [[money]] by one person or entity (usually a [[bank]]) to another person or entity who [[promise]]s 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 satisfy the [[debt]]. | While personal loans among individuals may involve repayment all at once, loans through financial institutions usually encompass regular payments to satisfy the [[debt]]. | ||
Latest revision as of 15:03, December 4, 2019
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 satisfy the debt.