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Loans can be secured by collateral such as a mortgage or unsecured such as a credit card.Revolving loans or lines can be spent, repaid, and spent again, while term loans are fixed-rate, fixed-payment loans.
Loans with high interest rates have higher monthly payments or take longer to pay off versus low-rate loans.
A loan is when money are given to another party in exchange for repayment of the loan principal amount plus interest
