Loans are the sum of money that is borrowed by an individual or a group of individuals referred to as the “borrower”  from a  bank, credit union, or online lending platform referred to as the “Lender”. It is a  financial arrangement whereby the borrower agrees to repay the borrowed amount to the lender over a specified period, often with interest and according to the terms and conditions set forth in a loan agreement. 

There are different types of secured and unsecured loans, each designed for specific needs and circumstances. Some common types are Mortgages or housing loans, Personal Loans, Instant Loans through Loan Apps on Digital platforms, Auto loans, Business Loan, Student Loan for Higher education, and credit cards to name a few


Featured Posts

Exit mobile version