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Assets (like a car or house) pledged by the borrower that the lender can seize if the debt isn't repaid.

A standard loan agreement includes several critical legal and financial elements: The original sum of money borrowed. lenders loan

The timeline and method for paying back the loan, such as monthly installments or a lump sum. Assets (like a car or house) pledged by

The cost of borrowing, typically expressed as an Annual Percentage Rate (APR). lenders loan

Specific conditions that define when a borrower has failed their obligations and what remedies the lender can pursue. 📋 Common Types of Loans