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 ?
2014 - May 2015), the average effective rate on car loans in Kazakhstan rose by 5.
If you want to make room in your budget to save more, the best way to do it may be to actively manage your household finances by being alert to things like opportunities to refinance a car loan.
The investment will be used to build the Car Loan 4U brand and implement and expand the capabilities of Car Loan 4U's advanced technology, creating a superior customer journey.
At the end of 2006 China government started to allow foreign banks to operate some renminbi-based businesses in the continent, including consumer banking business such as car loans.
com)-- With the world put into a financial slowdown; the car loan and insurance service market seemed to be looking gloomy in the UK.
The Egyptian Arab Land Bank, one of the largest Egyptian commercial banks and one of the oldest banks operating in Jordan, celebrated the first year anniversary of its Car Loans Department, which offers customers the lowest car loan interest rates in the market as well as flexible terms and payment options to finance any new or used car.
I've never defaulted on a mortgage or car loan payment and I don't have a credit card.
National Finance House (NFH), one of the fastest growing car finance companies in Bahrain has launched its new quick and easy car loan service with an intriguing display at Seef Mall.
The procedure for procuring the car loan has been simplified to such an extent that after filling out necessary documents the car loan can be processed within 24 hours, the bank said.
This proposed project would be one of the first and one of the largest car loan securitisations made by the EBRD and would make auto financing more readily available, particularly in the more remote Russian Federation regions, thereby enabling Russian consumers to acquire passenger cars more easily and contributing to increased demand and economic growth.
When available credit is looked at alongside debt from student loans, a mortgage, a car loan, etc.
87 million households in urban areas that could afford a new car, according to the Argentine Dealership Association (Acara), meaning homes met a minimum monthly income of US$360 to qualify for a car loan.