Visual Encyclopedia

Loan

In finance, a loan is the lending of money from one individual, organization or entity to another individual, organization or entity. A loan is a debt provided by an entity (organization or individual) to another entity at an interest rate, and evidenced by a promissory note which specifies, among other things, the principal amount of money borrowed, the interest rate the lender is charging, and date of repayment. A loan entails the reallocation of the subject asset(s) for a period of time, between the and the .

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Always be careful with loans. They give you the temporary money you need but can come back and get you if it is borrowed from a loan shark. Whenever dealing with loans check out the interest rate and if it is allowed to change. Sometimes the interest rate can be too high and keep you in debt.

Contributed by Justin Bloomer

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