1: A thing that is borrowed , especially a sum of money that is expected to be paid back with interest.
2: A loan is when you receive money from a friend , bank or financial institutions in exchange for future repayment of the principle and interest. They can be unsecured , like a personal loan or cash advance loan or they may be secured, like a mortgage or home equity line.
3:In finance, a loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organistions etc. The recipient(i.e. the borrower) incurs a debt and is usually liable to pay interest on that debt until it is repaid as well as to repay the principle amount borrowed.Types of loans
Business loansPersonal loans
A personal loan is type of unsecured loan and helps you meet your current financial needs. You don’t usually need to pledge any security or collateral while availing a personal loan and your lender provides you with the flexibility to use the funds as per your need.Home loans
A house loan or home loan simply means a sum of money borrowed from a financial institution or bank to purchase a house. Home loans consist of an adjustable or fixed interest rate and payment term. The property is mortgaged to the lender as a security till the repayment of the loan.
An Auto loan is loan that person takes out in order to purchase a motor vehicle. Auto loans are typically structured as installment loans and are secured by the value of vehicle being purchased.Business Loans
A business loan is a loan specifically intended for business purpose. As with all loans, it involves the creation of a debt, which will be repaid with added interest. There are different types of business loans such as mezzanine financing, asset based financing, invoice financing, micro loans, business cash advances and cash flow loans.