Loans: Everything You Need to Know Loans are a common financial tool used by individuals and businesses to achieve their goals. Whether it’s buying a house, funding education, or starting a business, loans can provide the financial support you need—if managed wisely. In this blog, we’ll explain what loans are, their types, how they work, and answer some frequently asked questions. What is a Loan? A loan is a sum of money borrowed from a lender with the agreement to pay it back over time, typically with interest. The lender can be a bank, credit union, or online financial institution. Loans involve a legal agreement and have defined terms, including repayment schedule, interest rate, and conditions. Types of Loans 1. Personal Loans Used for personal expenses like medical bills, weddings, or vacations. Can be secured (backed by collateral) or unsecured (based on credit score). 2. Home or Mortgage Loans Used to purchase or construct a house. Typically long-term and secured by the property...