Wednesday, June 6, 2012

What is Loan?

A loan involves borrowing money for a set period of time for repayment under terms that are agreeable to the lender. In most cases, loans involve interest payments, which result in the lender receiving more money back over time than was initially lent. 
Obtaining a loan can require a multistep process. In most cases, borrowers seek out loans through banks, credit unions or other similar institutions. Approval can depend on the amount request, the creditworthiness of the applicant and sometimes the purpose for the request. Loans can be backed with collateral, secured, or given on signature and faith alone, unsecured.

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