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Loan Contract
A legally binding agreement between a lender and a borrower outlining the terms of a loan.
More Details
A loan contract is a legal agreement between a lender and a borrower that outlines the terms and conditions of a loan.
Example
When you apply for a loan, the lender will typically provide you with a loan contract that outlines the terms of the loan, including the amount of the loan, the interest rate, the repayment period, and any fees or charges that may be associated with the loan. It is important to carefully review the loan contract and understand all of the terms and conditions before signing it, as it will be legally binding and will outline your responsibilities as a borrower.
Related Terms
Compound Interest
Interest calculated on the sum of a principal and accumulated interest from previous periods.
Line of Credit
A loan that allows a borrower to access funds up to a pre-approved credit limit, and is only charged interest on the borrowed funds.
Amortization
The process of paying off a loan through regular installments, the amount of which is determined by the loan amount, length, and interest rate.