Loan

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loan,

in business, sum of money borrowed at a particular interest rate. More generally, it refers to anything given on condition of its return or repayment of its equivalent. A loan may be acknowledged by a bond, a promissory note, or a mere oral promise to repay. Because of biblical injunctions against usury, the early Christian church forbade the taking of interest. In feudal European society, loans were little needed by the great mass of relatively self-sufficient and noncommercial peasants and serfs, but kings, nobles, and ecclesiastics were heavy borrowers for personal expenditures. Merchants and other townsmen, especially the Jews, were the moneylenders, and various devices were found for circumventing the prohibition of usury. With the rise of a commercial society, restrictions on the taking of interest were gradually relaxed. Today, banks and finance companies make most loans, usually on collateralcollateral
, something of value given or pledged as security for payment of a loan. Collateral consists usually of financial instruments, such as stocks, bonds, and negotiable paper, rather than physical goods, although the latter may also be accepted as such.
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, such as stocks, personal effects, and mortgages on land and other property, or on assignments of wages. Credit unionscredit union,
cooperative, not-for-profit financial institution that makes low-interest personal loans to its members. It is usually composed of persons from the same occupational group or the same local community or institution.
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 have attained some importance in making personal loans at relatively low interest rates, and microcredit programs and organizations, which offer small-scale loans, have proved useful, particularly in developing countries, in helping individuals to establish small businesses. The 21st cent. has seen the rise of so-called peer-to-peer lending, in which companies use the Internet to match lenders with borrowers. Focusing on smaller personal and business loans, peer-to-peer lending has developed in part because investors faced lower interest rates on bonds and money-market funds in the aftermath of the recession of 2007–9. A pawnbrokerpawnbroker,
one who makes loans on personal effects that are left as security. The practice of pawnbroking is ancient, as is recognition of the danger it involves of oppressing the poor.
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 lends money on the security of articles left in his shop.

Loan

 

in civil law, a contract by which one party (the lender) transfers to the ownership of another party (the borrower) or to his management money or articles defined by generic characteristics, such as number, weight, measure (for example, grain), and the borrower undertakes to return the same amount of money or an equal quantity of articles of the same kind and quality. Loan contracts belong to the category of so-called real (the rights and obligations of the parties under such contract arise only from Jhe moment of the transfer of the loan) and unilateral contracts (the lender has the right to demand the return of the loaned property and does not carry any obligations, whereas the borrower is obliged to return the property and has no rights whatsoever). Under Soviet legislation, loan contracts are to be gratuitous, and the collection of interest is allowed only in cases prescribed by the legislation of the USSR and in the loan operations of public mutual aid funds and municipal pawnshops. A contract for an amount greater than 50 rubles must be concluded in writing.


Loan

 

(Russian, ssuda), a type of loan (zaem) in specie or in kind. The State Bank of the USSR (Gosbank) and other banks of the USSR, by paying out specific, fixed-term sums of money, extend credit to state organizations, collective farms and other cooperatives, and public organizations (see and CREDIT). Banks, public mutual-help offices, pawnbrokers, and the funds of associations of creative workers make loans in money to individual citizens, according to set regulations.

References in periodicals archive ?
Conversely, those with the lowest credit scores will know in advance that they may find it more difficult to obtain an auto loan, and may try to take steps to take charge of their credit standing in order to secure the best interest rate possible.
Anybody who would like more info about Valley Auto Loans is welcome to visit ValleyAutoLoan.
There have been two new issuances in Germany, one in Spain and one in the United Arab Emirates (UAE) since July 2010: Cars Alliance Auto Loans Germany Series 2010-1 originated by RCI Banque, SC Germany Auto 2010- 1 UG originated by Santander Consumer Bank AG, FTA SANTANDER CONSUMER SPAIN AUTO 2010-1 originated by Santander Consumer, E.
Auto loan balances (including leases) have been increasing consistently in the past 13 quarters and auto loan originations in the second quarter of 2014 climbed to an eight-year high.
Another member refinanced her auto loan from a 17% rate to a 10% rate with the credit union, enabling her monthly auto loan payment to be reduced by nearly $300 and freeing up additional funds for her to pay down other debts.
Since auto loan performance was the first of the consumer assets to turn the corner following the financial crisis, lending increased in 2011 over 2010, particularly in the non/subprime sector.
com works with drivers to establish their specific needs in an auto loan.
Auto Loan ABS Rating Criteria' is available on the Fitch Ratings web site at 'www.
To help buyers take advantage of the lowest auto loan rates today from local institutions, GOBankingRates released a list of the best rates in San Antonio.
Utah Community Credit Union provides fast, competitive auto loans, growing membership & loyalty -
March 20, 2014 /PRNewswire/ -- Car prices are rising, yet auto loan rates remain low, at least for now; to get behind the wheel, American borrowers are taking out larger loans than ever.
SC USA) to sell HSBC US auto loan servicing operations as well as US $1 billion in auto loan receivables for US $904 million in cash, and enter into a loan servicing agreement for the remainder of its US auto loan portfolio, which is in liquidation.