What is a
loan?
Put
simply, a loan is a borrower’s debt to the lender. The lender
provides a sum of money (unless it’s a non-monetary loan) to the
borrower, which the borrower then has to pay back, with possible
interest, in regular installments or at a later date depending
on the terms agreed upon.
Most of
the time there is a cost associated with the loan to the
borrower. This cost is in the form of interest on the debt.
Meaning, that the amount that the borrower has to pay back is
usually greater than the initial amount which was provided to
him by the lender.
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The
interest rate on the loan varies depending on the terms set
forth by the lender, but in all cases it is greater than the
annual inflation rate. An amount of money is worth more in
present than the same amount of money in the future – this has
to do with inflation rate and a concept known as opportunity
cost. These two factors play a role in determining the
interest rate set forth by the lender.
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There are
two main types of loans, the secured and unsecured loan.
Secured
loan
A secured
loan is where the borrower puts up a collateral/retainer to the
lender. A collateral is usually some form of asset.
An example
of this would be a mortgage loan in which the borrower
uses the money (loan) provided to him by the lender to purchase
a property and then gives a security on the purchased property,
in the form of a mortgage, to the lender. Should the borrower
fail to adhere to the terms of the mortgage loan, the lender can
then legally claim ownership of the property.
A similar
type of arrangement can be made for other registered and
non-registered assets.
Unsecured loan
An
unsecured loan is, as the name suggests, not ‘insured’ in the
form of a security on a borrower’s asset (s). Although it does
not free the borrower of the obligation of paying back the loan,
it does entail the possibility of the lender not receiving its
money. Should the borrower default there is no guarantee that
the lender will receive all, if any, of its money (loan) back.
Unsecured
loans are usually loans offered as financial products by various
financial institutions, like banks, or loans between two private
parties, i.e. family relatives or friends. Credit card
facilities is one example of the many available unsecured loans
in the form of financial products offered by banks.
Finally,
the most common provider of loans, whether secured or unsecured,
are financial institutions with vast capital assets, looking to
generate revenue off the interest for their loans. A prime
example of such financial institutions are the vast number of
different banks offering all kinds of different loans.
Additional
useful information about
Loans
by
Angelina Rosario
What is a
payday loan? What are the things we should
consider before opting for a payday loan
cash advance?-A guide to a first time payday
loan consumer.
by
Christopher Young
In the
current economic climate, alternative
means of obtaining money to make ends
meet are becoming increasingly
necessary. Some alternatives include
borrowing money from friends/relatives;
cash advances from employers; pawning
personal effects and payday loans. Also
known as a check/cash advance loan or
deferred deposit check loan, the payday
loan is the most popular among these. As
payday loans grown in popularity, more
and more people want to know just what a
payday loan is, and if it is the right
solution for their situation.
by
Dean Shainin
With
the cost of education going through
the roof, going to college can be
very costly. Many students don’t
have thousands of dollars to pay
their way through college. This is
why so many college students use
student loans to get themselves
through college. When it comes time
to pay back their student loans, it
can be a real burden and a
distraction from their career.
by Natasha Anderson
Home improvement loan is
tailored for the UK residents
who wish to make improvements in
their home. Loan term and the
rate of interest on the home
improvement loan vary from
lender to lender. Estimate the
cost that will be incurred in
undertaking the home improvement
project before you start
searching for the best home
improvement loan deal. Read the
article to learn how a home
improvement loan can help you
make it easier for you to make
the desired changes.
by Alan D Campbell
Points represent prepaid
interest on a real estate
loan. Usually, a taxpayer
must amortize the points by
deducting them ratably over
the life of the loan.
However, a taxpayer who uses
the cash method of
accounting may usually
deduct points in the year
paid on a mortgage loan to
purchase or improve the
taxpayer's principal
residence. The taxpayer may
deduct these points even if
the seller pays them.
by Maria Ny
Debt consolidation loans
are a popular way for
people to free up money
each month by
consolidating several
monthly credit card
payments into a single
lower interest loan.
But, the question is
whether it's best to
consolidate those debts
into a home equity loan
or an unsecured debt
consolidation loan.
by Rebecca Game
Whether it's a
business loan or a
personal loan, there
are several common
loan application
mistakes that many
businesses and
individuals often
make when applying
for a loan. A 30
year entrepreneur
and dedicated to
helping other women
find small business
loans.
by Dean Shainin
Knowing how a
home equity loan
works will help
you determine
whether a
fixed-rate loan
or a home equity
line of credit
is the best for
your financial
situation. With
a little
research you can
get the best
type of loan
available.
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