Category

Loan & Insurance

Category

A loan is when money is lent to another person with the understanding that it would be repaid, along with interest. Before agreeing to provide a borrower with a loan, lenders will take into account the borrower’s income, credit score, and level of debt. On the other hand, an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.