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What is loan?

Jeffrey Rodriguez

in Student Loans

1 answer

1 answer

Chelsea Hayes on October 28, 2018

The loan is an amount of money advanced to a borrower, to be paid at a later date, usually with interest. legally, a loan is a contract between a buyer (the borrower) and the seller (the lender), enforceable under the Uniform Commercial Code in most states. The terms and conditions for the repayment of a loan, including the finance charge or interest rate, are specified in the loan agreement. a loan may be payable on demand (a Demand Loan), in equal monthly installments (an installments loan)is also define as when a lender gives money or property to a borrower, and the borrower agrees to return the property or repay the borrowed money, along with interest, at a predetermined date in the furture.

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