What is loan?

Loan is an amount of money advanced to a borrower, to be repaid at a later date, usually with interest. legally, a loan is a contrat between a buyer (the borrower) and a seller (the lender), enforceable under the Uniform Commercial Code in most states. The terms and conditions for repayment of a loan, including the finance charge or interest rate, are specified in a loan agreement. a loan may be payable on demand (a Demand Loan), in equal monthly installments (an installments loan)

It is also define as when a lender gives money or property to a borrower, and the borrower agrees to return the property or repay the borrowed money, along with interest, at a predetermined date in the furture.