A loan is a type of
debt. All material things can be lent but this article focuses exclusively on monetary loans. Like all debt instruments, a loan entails the redistribution of financial
assets over time, between the and the . The borrower initially receives an amount of
money from the lender, which they pay back, usually but not always in regular installments, to the lender. This service is generally provided at a cost, referred to as
interest on the
debt. A borrower may be subject to certain restrictions known as
loan covenants under the terms of the loan.
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