Loans 101: 2023

Loans are a form of borrowing that can help individuals and businesses obtain the necessary funds for a variety of expenses. The terms of a loan typically include the amount borrowed, the interest rate, and the repayment period.

One of the most common types of loans is the personal loan, which is typically unsecured and can be used for a variety of purposes such as consolidating debt, financing a major purchase, or covering unexpected expenses. Personal loans may have fixed or variable interest rates, and the repayment period can range from a few months to several years.