Thursday, April 21, 2011

What is Loan-1, demanded, Interests, Installments

What is LOAN


1. Loan is an amount of money advanced to a borrower


2. To be repaid at a later date (with interest)


3. Loan is a contract between the borrower and the lender


4. Enforceable under the Uniform Commercial Code in most Counties


5. The terms and conditions for repayment of a loan


6. Including the finance charge or interest rate


7. Loan agreement


8. Loan may be payable on demanded in equal monthly installments

~~~~~~~~~~~~~~~~~~~~