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Friday, August 11, 2023

Loan

Loan The term loan refers to a type of credit vehicle in which a sum of money is lent to another party in exchange for future repayment of the value or principal amount. In many cases, the lender also adds interest or finance charges to the principal value, which the borrower must repay in addition to the principal balance.

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A mortgage

A mortgage is a loan secured by property, usually real estate property. Lenders define it as the money borrowed to pay for real estate. In e...