Loan is an amount of money borrowed from advancer and it is a type of debt, to be repaid at a later date, usually with interest. Legally, a loan is a contract between a buyer (the borrower) and a seller (the lender), enforceable under the Uniform Commercial Code in most states.
There are different type of loans like house, car, business, eduction etc. Loan Glossary provides you a comprehensive list of Loans and mortgage related words and its short description/meaning.
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