A loan is a type of debt that someone or something else has to pay back. The borrower receives an advance of funds from the lender, which is typically a government agency, financial institution, or company. The borrower accepts a specific set of terms in exchange, including the payment date, interest rate, and any other stipulations. A person applies for a loan from a bank, business, government agency, or other organization when they are in need of money. Certain information, like the borrower's financial history, Social Security number (SSN), and other facts, can be needed from them. In order to assess whether a borrower can afford the loan, the lender looks at this data in addition to their debt-to-income (DTI) ratio.
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