In the USA, a loan is a financial arrangement where a borrower receives a specific amount of money from a lender and agrees to repay it over time, typically with interest. Loans can be used for various purposes, such as buying a home (mortgage), financing education (student loans), starting or expanding a business, or covering personal expenses.
The terms of a loan in the USA can vary, including the interest rate, repayment period, and any associated fees. Different types of loans, such as personal loans, auto loans, or home equity loans, cater to specific needs. The lending industry is regulated, and various federal and state laws govern lending practices to protect consumers and ensure fair and transparent transactions.
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