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A loan is a financial transaction in which a lender provides money or assets to a borrower, who agrees to repay the loan over time with interest. Loans can be used for a variety of purposes, including financing a home or car purchase, starting a business, or covering unexpected expenses.
The terms of a loan typically include the amount of money borrowed, the interest rate, the repayment period, and any fees or penalties associated with the loan. The borrower may be required to provide collateral, such as a house or car, as security for the loan.
Loans can be secured or unsecured. Secured loans typically have lower interest rates than unsecured loans, since the lender has a lower risk of losing money if the borrower defaults on the loan.
Some common types of loans include:
Personal loans: Used for a variety of purposes, such as consolidating debt or paying for a major expense.
Student loans: Used to finance education expenses, such as tuition, books, and living expenses.
Mortgages: Used to purchase property or home.
Auto loans: Used to purchase a vehicle.
Business loans: Used to finance a business or start-up venture.