A loan is when a sum of money is lent to another party or individual, usually including interest and other charges, in exchange for the future repayment of the loan. When the borrower takes on the loan, they agree to a set of terms that could include interest, finance charges, as well as repayment dates. There are several types of loans, with some of the most common types being mortgage, student, personal and auto. Loans are a form of debt, and lenders will evaluate your creditworthiness, generally including factors such as your credit scores and reports, before offering you a loan with its associated loan terms, including interest rates. The better your credit history, the more likely you'll be offered a loan with better terms. We'll dive into the differences among mortgages, student loans, auto loans, personal loans, and more.
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