A loan is a sum of money that is borrowed and repaid over a certain period of time, usually with interest. There are many different types of loans, including personal loans, mortgage loans, auto loans, and business loans. The terms and conditions of a loan can vary depending on the lender and the type of loan.
Borrowers are typically required to provide collateral or a credit history to qualify for a loan. Interest rates also vary depending on the type of loan and the borrower’s creditworthiness.
It is important to understand the terms and conditions of a loan before applying for one, and to ensure that you can afford to repay the loan in a timely manner.