A loan involves borrowing money for a set period of time for repayment under terms that are agreeable to the lender. In most cases, loans involve interest payments, which result in the lender receiving more money back over time than was initially lent. Obtaining a loan can require a multistep process. In most cases, borrowers seek out loans through banks, credit unions or other similar institutions. Approval can depend on the amount request, the creditworthiness of the applicant and sometimes the purpose for the request. Loans can be backed with collateral, secured, or given on signature and faith alone, unsecured.

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What is a simple interest loan?

A simple interest loan assesses fees based only on a flat percentage. The principal amount is multiplied by an interest rate, and the resulting... »

What Is Simple Interest?

Simple interest is the most basic form of financing charge a lender can issue. With simple interest, a flat percentage fee is added to... »

How do you qualify for a portfolio loan?

Qualifying for a portfolio loan is easier than qualifying for most standard loans. These loans do not need to meet the conforming standards of... »

What Is a Portfolio Loan?

A portfolio loan is held permanently by the lending institution that extends it. Since the loan is never sold on the secondary market, it... »

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