What Are Loans?
A loan is a sum of money given by a bank or other lender to an individual or business to fund a particular purpose. These loans can be secured or unsecured, open-end or closed-end, and conventional. The basic concept is to increase the money supply of an economy by giving credit to more people. Many banks make their money from interest on these loans. They also offer other financing options such as credit cards and home equity lines of credit. A credit card is a short-term loan with no fixed…
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