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About Loans

A loan is a type of [debt]. All material things can be lent but this article focuses exclusively on monetary loans. Like all debt instruments, a loan entails the redistribution of financial [asset]s over time, between the [wiktionary:lender] and the [wiktionary:borrower].

The borrower initially receives an amount of [money] from the lender, which they pay back, usually but not always in regular installments, to the lender. This service is generally provided at a cost, referred to as [interest] on the [debt]. A borrower may be subject to certain restrictions known as [loan covenant]s under the terms of the loan.

Acting as a provider of loans is one of the principal tasks for [financial institution]s. For other institutions, issuing of [debt] contracts such as [bond (finance)] is a typical source of funding. Bank loans and credit are one way to increase the [money supply].

Legally, a loan is a contractual promise of a debtor to repay a sum of money in exchange for the promise of a creditor to give another sum of money.

Types Secured A [mortgage loan] is a very common type of debt instrument, used by many individuals to purchase [housing]. In this arrangement, the money is used to purchase the property. The financial institution, however, is given security - a [lien] on the title to the house - until the mortgage is paid off in full. If the borrower [Default (finance)] on the loan, the bank would have the legal right to repossess the house and sell it, to recover sums owing to it.

In some instances, a loan taken out to purchase a new or used car may be secured by the car, in much the same way as a mortgage is secured by housing. The duration of the loan period is considerably shorter - often corresponding to the useful life of the car. There are two types of auto loans, direct and indirect. A direct auto loan is where a bank gives the loan directly to a consumer. An indirect auto loan is where a car dealership acts as an intermediary between the bank or financial institution and the consumer.

A type of loan especially used in [limited partnership] agreements is the [recourse note].

Unsecured These may be available from financial institutions under many different guises or marketing packages:

[credit card] debt,
personal loans,
[bank] [overdraft]s
credit facilities or lines of credit
[corporate bond]s

The [interest rate]s applicable to these different forms may vary depending on the lender, the borrower. These may or may not be regulated by law. In the United Kingdom, when applied to individuals, these may come under the [Consumer Credit Act 1974].

Abuses [Predatory lending] is one form of abuse in the granting of loans. It usually involves granting a loan in order to put the borrower in a position that one can gain advantage over him or her. Where the moneylender is not authorised, it could be considered a [loan shark].

[Usury] is a different form of abuse, charging excessive interest. In different time periods and cultures the acceptable interest rate has varied, from no interest at all to unlimited interest rates. Credit card companies in some countries have been accused by consumer organisations of lending at usurious interest rates and making money out of frivolous "extra charges" Credit card holders pay Rs 6,000 cr 'extra' [May 03], [2007]

Abuses can also take place in the form of the customer abusing the lender by not repaying the loan or with an intent to defraud the lender.

See also

[Finance], [Personal finance], [Settlement (finance)]
[Debt], [Consumer debt], [Debt consolidation], [Government debt]
[Bank], [Fractional-reserve banking], [Building society]
[FAFSA]
[George D. Sax] and the Exchange National Bank of Chicago - Innovation of instant loans
[Annual percentage rate] (a.k.a. [Effective annual rate])
[Interest-only loan]
[Student loan]
[Payday loan]
[Refund Anticipation Loan]
[Federal student loan consolidation]
[Federal Perkins Loan]
[Stafford loan]
[Title loan]
[Syndicated loan]

References

Information Reference: Wikipedia.org

Loans

Questions and Answers

What banks have personal loans with 4 year deferment of repayment options?

Q) Homeowner, good credit rating, need it for my daughter's university expenses, so that she can pay after she graduates. Student Loans Company Uk won't give her anything because she is going abroad. Thanks. PS I'm in the UK

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loans......................................................................?

Q) Ive recently turned 18, im trying to get a loan for a car why wont noone accept em and does anybody know who would be the best people to try in england?

A) Yes try welcome finance... they will lend to pretty much every one, as long as you work. Also try and get a copy of your credit report as there may be wrong info on there that is stopping you from getting credit.

What student loans/grants etc would i be able to get at uni?

Q) i am going to uni next year and cant wait, i'm so looking forward to it. The only problem that i have is that i am a single mum on benefits, and am worried how i will afford to support my 2 kids while studying. Has annyone got any idea of the loans/grants etc that i may be entitled to while at uni? thanx in advance. I live in the UK

A) You'll be entitled to a loan to pay for the tuition fees, a loan to help you live & a grant, you may also be entitled to a bursary from the uni you're attending & may be even a hardship grant. You'll have to pay these loans back if you are earning more that £15k a year oh & remember that you have to reapply at the start of each new year. It's a lot of really hard work, expect to spend at least eight hours a day on your course, tutors like that, treat it like a full time job that you are paying for. Good luck. P.S. My Mum managed to do it as a widow with 7 children. It can be done.

How can I get the educational loans to study in USA?

Q) Dear People I am a boy of 17 years and I am in India and Sir, I want to do my Under-graduation in an USA university and I need so financial aid like scholarships and Loans. But, Some says that, I must have a US-citizen or a permanent residents in US to sign as co-signer, But I have no relative or friends in US to sign as a co-signer. So I want to know, How I can get loans without co-signers.

A) You need to think long and hard about borrowing money to go to school in the States. Many people think you can just stay here and work ater college, you will quickly become rich and easily pay back the loans. This is not the case. Most will have to return to their countries. If you borrow $200,000USD, the for 4 years at a top US collge, how will you pay that back if you return to India? That would be very hard to pay back if you stay in the US! It only makes sense to come to a US school if you can get a scholarship. Get great grades and SAT scores and apply to schools that have scholarships for international students.

What happens with paying back UK student loans if I go to finish education in the US?

Q) I'm british currently studying here in England, but am wondering about taking a post-grad course in the US. The biggest question I have is about my current student loan (soon to be loans). I'd need to get financial aid from the U.S. uni to do it. But I'm not sure how things would work out with paying back my UK loans. Would they let you leave the country when you have loans to re-pay? Obviously they must do but.. it's confusing as to how things would work.

A) check out this site! they'll help you lower your student loan payments significantly.

Uni students only have to pay back their students loans if they earn more than 15 thousand pounds. Is the?

Q) government concerned about students that will move abroad after they graduate?? What if they move abroad, can the government track them?? Im just trying to figure how much money the goverment loses on student loans

A) If you live abroad and pay tax in that country for two years your student loan is cancelled and you don't pay anything back. It's in the small print.

Advice welcomed regarding consolidation loans in the UK?

Q) I'm struggling to juggle loans and have enough to live on. I work full time and apart from one credit card, I've managed to keep up with repayments. Can anyone suggest who the best company would be to discuss an option that would reduce my monthly payments.

A) have a look at this website offers lots of tips & advice http://www.moneysavingexpert.com/

I am now lending,How do i get legit borrowers who need loans for Businesses and Projects?

Q) I am now lending and i am newly registered.I need borrowers who need loans for Businesses and projects.

A) I suppose there must be magazines for small businesses, you could always try advertising in one of those.

Does Anyone Know Of Any Banks That Do Loans For Poor Credit?

Q) I am currently in the process of looking for a loan, my credit isn't the best so i am aware im hardly going to get great rates. I know there are companies and banks that do loans for people with poor credit, but the only one i know of is Welcome Finance, can anyone suggest any others?

A) Your best bet would be to check out some Credit Unions in your area- they usually will be far more flexible with their lending requirements but in turn do charge higher interest rates. I would avoid anything geared for "poor credit lending"- they usually assume that because you have poor credit, you have poor knowledge on the topic and have extremely difficult terms.

iwould like to know how i can start my own restruant i am in dependent visa in uk.if any loans can i get?

Q) own restruant want to start in uk,i am holding dependent visa.can i get any loans for this business.i am a proffesional chef.

A) First you need to write a business plan, no one is going to invest in someone without a business plan. Then decide on how you are going to finance the whole thing. Raise money from private backers, finad a silent partner, banks are not the only places you can raise finance from. Your current visa status could have an impact on your ability to get a loan from a bank, but private money wouldn't care less.

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