glossary

loan agreement

A loan agreement is a contract between a lender and a borrower, usually in writing. The lender agrees to give money to the borrower, and the borrower promises to pay the money back to the lender. The agreement includes the terms, which means it says what each person promises to do. For example, it says how much money the lender gives, when and how the borrower should repay the loan, the interest rate, and what happens if the borrower does not repay the loan.

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