What is a loan?
A loan is an amount of money that a lends you for a certain amount of time. Once that time is up, you pay back the amount of money in full, plus interest. There are many types of loans for different things, and they all have different . Sometimes, you will pay an amount of money each month; other times you will pay all the money back at the end. There are auto loans, business loans, home loans (called mortgages), and student loans. Generally, loans are useful for people who need a lot of money and want a lower than a .