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 ?
Meanwhile, about Sh78 million in car loans was dished out to 38 MCAs without the vehicles' valuation reports, and about Sh100 million was given as housing loans without supporting documents contrary to the PFM Act.Missing in the applications are copies of approved designs of the proposed residential property, bills of quantities, official search of title deeds to the property intended to be bought and copies of the properties' sale agreement.
Long term car loans are loans that exceed 60-month terms.
ASIC has commenced civil penalty proceedings in the Federal Court against ANZ, in which ANZ has admitted 24 contraventions of the responsible lending provisions of the National Consumer Credit Protection Act 2009 (Cth) for car loans approved by Esanda from three broker businesses.
The gang fraudulently acquired 16 vehicles worth more than BD400,000 by posing as professionals to get car loans in 2013 and 2014.
In order to obtain these loans, the same paperwork must be submitted and the same terms as for the car loans apply.
That in turn requires some shopping to find out just how good a car loan you can get.
The seven-year boom in car loans has strong echoes of the mortgage frenzy that triggered the 2008 housing crash.
BankDhofar has introduced a special car loan offer and exclusive facilities with a reduced interest rate of 3.49 per cent (flat rate 1.83 per cent approximately) for all customers.
Because the Polk data set contained no information on borrower characteristics, the researchers also used an Equifax data set of three million borrowers that included each borrower's age, detailed credit history information, and data on whether a borrower's car loan came from a bank or a nonbank lender.
The third-party site then sent consumers' personal information to a company calling itself Auto Loans LCC or Car Loan LLC, according to the suit.
AN RTI application by Hisarbased activist Naresh Kumar has revealed that Union Minister of Rural Development and Panchayati Raj Birender Singh Chaudhary has defaulted on payment of his home and car loan. The RTI reply revealed the minister has to repay ` 24.23 lakh.
In 2013 VTB Bank (Armenia) registered the most intensive growth in car loan provision