A loan is a sum of money that someone gives to another person for them to use.
The other person agrees to pay the lender back, usually with an additional fee or interest rate.
People can get loans from banks and other lending companies.
There are many different kinds of loans.
The most common types are mortgage, car, payday, credit card, student, business, and home improvement.
Most people want loans so they can buy things like houses or cars or so they can go to college without having to save up all the money first.
A lot of small businesses need short-term cash in order to grow into bigger businesses.
Some people take out loans to expand their businesses.
Loans are a way for someone to get money when they may not have enough of their own or when they don’t want to use their own money.
People will pay back the loan plus interest in order to get this kind of help.
Banks and other lending institutions make a lot of different kinds of loans available, so people can choose between them depending on their needs or preferences.
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