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Loan

AnalyticsTrade Team
AnalyticsTrade Team Last updated on 26 Apr 2023

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Loan

A loan is a type of financial agreement in which one party (the lender) provides money or other assets to another party (the borrower) in exchange for repayment of the loan principal plus interest. The borrower is usually required to provide collateral, such as a house or car, to secure the loan. Loans are typically used to purchase large items such as cars, homes, or to cover expenses such as medical bills or college tuition.

History of Loans

Loans have been around since ancient times, with the earliest known loan contracts dating back to 2000 BC. In the Middle Ages, loans were used by merchants to finance their trading activities. In the 19th century, banks began offering loans to individuals for the purchase of goods and services. Today, loans are available from a variety of sources, including banks, credit unions, online lenders, and peer-to-peer lenders.

Comparison Table

Type of Loan Interest Rate Term Length
Personal Loan 6-36% 1-7 years
Home Equity Loan 4-6% 5-30 years
Auto Loan 3-7% 1-7 years
Student Loan 4-12% 5-20 years

Summary

A loan is a type of financial agreement in which one party provides money or other assets to another party in exchange for repayment of the loan principal plus interest. Loans have been around since ancient times and are available from a variety of sources, including banks, credit unions, online lenders, and peer-to-peer lenders. For more information about loans, visit websites such as Bankrate.com, NerdWallet.com, and CreditKarma.com.

See Also

  • Interest Rate
  • Collateral
  • Credit Score
  • Debt Consolidation
  • Mortgage
  • Secured Loan
  • Unsecured Loan
  • Credit Card
  • Line of Credit
  • Payday Loan

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