Loan Definition: A loan is a credit product that involves borrowing funds for a specific term or time and an agreement to pay it back in installments with interest. When a loan is approved for a customer, there is an agreement or contract that outlines and discloses all applicable fees, including interest rates and charges in the event of a late or missed payment.
The borrower typically pays a portion of the interest charged with the principal, or main part of the loan, in smaller amounts until it is paid in full. Many types of loans are available, including short-term payday loans of roughly $100 or more, personal loans, commercial, unsecured, and secured loans.
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