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What is loan?
In finance, a Loan other things, the
Principal amount
, interest rate, and the payment date, which is designated a loan evidenced by a note. A loan for a period of time, between the lender and borrower subject asset (s) of the re-allocation entails.Typically, the money regular installments, or partial payments are paid back, in an annuity, each installment is the same amount.
In the practice of this article, however, focuses on monetary loans can be lent to a physical object.
Acting as a provider of loans to financial institutions is one of the major functions. For other entities, such as bonds are a typical source of financing is the issuance of debt contracts.
Types of loans
Secured
Certain assets as collateral for a secured loan borrower (eg a car or property) which is a loan pledges.
A mortgage loan used by many individuals to purchase housing a very common type of debt instrument. In this arrangement, the money is used to purchase property. Financial institutions, however, is given security - a lien on the title to the house - until the mortgage is paid in full. If the borrower defaults on the loan, the bank can repossess the house and sell it, it would be legal right to recover the amount due.
The duration of the loan period is considerably shorter - often corresponding to the useful life of the car. Direct and indirect auto loans are of two types. Where a bank gives the loan directly to a consumer is a direct auto loan. A car dealership bank or
Financial
institution and serves as an intermediary between the consumer, where an indirect auto loan.Unsecured
Unsecured loans are not secured against the borrower's assets are monetary loans. These financial institutions under many different guises or marketing packages may be available from:
Credit Card Debt
Personal Loans
Bank overdraft
Credit facilities or lines of credit
Corporate bonds (may be secured or unsecured)
Interest rates applicable loans that are not secured against the borrower's assets are monetary loans. These financial institutions under many different guises or marketing packages may be available from:
Credit Card Debt
Personal Loans
Bank overdraft
Credit facilities or lines of credit
Corporate bonds (may be secured or unsecured)
Interest rates applicable to these different forms may vary depending on the lender and the borrower. It may or may not be regulated by law. In the United Kingdom, is applied to individuals, these may come under the Consumer Credit Act 1974.
Should. When a court divides the assets of borrowers in bankruptcy proceedings, secured lenders traditionally have priority over unsecured lenders. Thus, a higher interest rate in the event of bankruptcy, debt reflects the additional risk that may be uncollectible.
Demand
Demand loans payments for a certain date and the prime rate vary according to which a floating interest rate, do not carry that unusual in the short-term debt are. They called for payment by the credit institution at any time "" can be used. Demand loans may be unsecured or secured....
Subsidized
A subsidized loan interest is reduced to explicit or hidden subsidies, which is a loan. In terms of college credit in the United States, it remains a student enrolled in education, while no interest is earned, which refers to a loan.
Concessional
A confessional loan, sometimes called a "soft loan," is granted on terms substantially more generous than market loans either through below-market interest rates, by grace periods or a combination of both.[3] Such loans may be made by foreign governments to poor countries or may be offered to employees of lending institutions as an employee benefit.
Target Market
Personal and Commercial
Also indebted to loan an individual person (consumer) or a business that can be according to. Common personal loans, mortgage loans, car loans, home equity lines of credit, credit cards, installment loans and payday loans are included. Credit score of the borrower and the underwriting of these loans and the interest rate (APR) is a major component. Personal loans monthly payments decreased by selecting longer payment terms, but overall interest payments can be increased as well. For car loans in the U.S., the average duration in 2009 was about 60 months. [4]
Loans to businesses are similar to above, but also include commercial mortgages and corporate bonds. Underwriting is not based upon credit score but credit rating.
