What is a loan?
list the benefits of taking a loan.
thankyou~

A loan is when money is given to another party in exchange for repayment of the loan principal amount plus interest. Loan terms are agreed to by each party before any money is advanced.

Benefits of Taking Loan:

•You can often borrow larger amounts of money than with an unsecured loan.

•You can also take longer to pay secured loans back, up to 25 years.

Explanation:

meaning- A loan is a form of debt incurred by an individual or other entity. The lender—usually a corporation, financial institution, or government—advances a sum of money to the borrower.

benefits- A bank loan allows one to repay as per convenience as long as the instalments are regular and timely. Unlike an overdraft where all the credit is deducted in go.

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