In a loan, a certain quantity of money is given to another person in exchange for the value or main amount being repaid at a later date. In many instances, the lender increases the principal value by adding interest or finance charges, which the borrower must pay in addition to the principal sum. Loans may be made for a predetermined, one-time sum or as an open-ended line of credit with a cap up to a certain amount. In addition to secured and unsecured loans, there are also commercial and personal lending options. A loan is when money is lent to another person with the understanding that it would be repaid, along with interest. Before agreeing to provide a borrower a loan, lenders will take into account the borrower's income, credit score, and degree of debt. A loan may be unsecured, like a credit card, or it may be secured by property, like a mortgage. While term loans are fixed-rate, fixed-payment loans, revolving loans or lines can be used, repaid, and used again. Risky borrowers may be subject to higher interest rates from lenders.
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