LOANS

A loan is a sum of money lent by a lender, such as a bank or financial institution, to an individual or business with the agreement that it will be repaid over time, typically with interest. Loans can be used for a variety of purposes, including buying a home, expanding a business, managing day-to-day expenses, or personal needs. There are different types of loans, such as secured loans (which require collateral like property) and unsecured loans (which do not require collateral), each with its own terms, interest rates, and eligibility criteria. By providing access to necessary funds, loans play an essential role in supporting financial and business growth.