A loan takes place when a lender, like a traditional bank or online lender, extends a set amount of cash to a borrower. In exchange, the borrower agrees to repay the loan at a specified interest rate over the course of a set loan term. Whether you’re considering a small personal loan or a larger loan to purchase a home or vehicle, understanding what loans are—and how they work—can help you save money and frustration. Read the full article from Forbes to learn about different types of loans, terminology used and more.
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