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Loans
A loan is a type of debt and usually refers to one involving a cash sum paid to the borrower by the lender: although in theory it sound simple, there is a legal agreement between the lender and borrower on how the money is to be repayed.lending money is the most usual reason but it can also include goods, services and even people bit this article is dealing with those of a financial nature, like all debts , a monetery loan entails the gradual payback of the initial sum and interest over time
when payments are made can vary but are normally at the same time each month. This service is generally provide at a cost referred to as interest on the debt and it canvary how thisis repaid. although not seenas much these days one type of financial agreement ensures that the first payments made to clear the debt are infact just charges on the sum owed. more frequently the amountis repaid in equal instalments, a portion of which is interest. Most of the time this is the only contract the majority of people will have with the finance companies and it is just one of many roles they have: although thisis the most important. A loan is a simple wayfor many people and businesses to have a sum of disposable money in the bank: this is the simplest and most reliable way to raise finance A morgage on the other hand is designed for one purpose, that of purchasing property or land and is one of the most common types of long term debts individuals experience,
the finacial instatution is given security however in this case the title of the house, untill the loan is repaidin full, if the borrower defaults on the payments the lender would have the legal right to repossess the house and sell it: although selling the house is one option keeping it as a investment is another. Al though not a regular method of security the lender may demand that the object of the loan also becomes the security for it, in much the same way a morgae is secured on the house its self, in the case of a loan for a car the loan will only last a hand full of years. Unsecured loans are available from lenders under many different guises or marketing packages: credit card s, abank overdraft,evena line of credit for example, are all examples of unsecured loans, the interest rates will vary with credit cards carring some of the highest interest charges while bank overdafts will be typically much lower
in comparison. Finacial companies can be caught out too when they provide cash to a person so they can gain advantage of his or her situation:also known as predatory lending. An easy way they do this is by issuing cards to individuals and encourage them to use the cards and keeep them paying these amounts of for a long time because they have such high interest rates, so take a step back before you sign any financial agreements
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