![]() When you need money, you apply for a loan from a corporation or a bank. In return, the borrowers agree to pay a certain set of terms, including any finance charges, interest, etc. They lend the required sum of money to the borrower. ![]() The other party in the transaction is called a lender - it is usually a government, financial institution, or corporation. Loans come in different forms like personal, commercial, secured, and unsecured loans.Ī loan is a debt incurred by an individual or some entity. A loan can be for a specific, one-time amount, or it may be availed as an open-ended line of credit up to a specific limit. Any reimbursements received for reasonable expenses incurred while serving on such a board, commission or group must be reported annually to the Department of Education.Definition of loan can be described as a property, money, or other material goods that is given to another party in exchange for future repayment of the loan value plus interest and other finance charges.
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