Are you thinking of getting a loan? How about giving one? Maybe you just want a simple and precise definition for one? Well this article is for you welcome to the world of borrowing. They may seem complicated(depending on the type, it probably is), but this article will help you get familiar with the basics of it. Before we delve into the numerous types, it is important that we have a full understanding of what one truly is.
What is a Loan?
A most basic definition of it is borrowing some amount of money(though it does not always have to be money, it can be any physical item with some worth to it) with the agreement of paying it back to the lender in the future. (more…)