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credit card debt, personal loans, bank overdrafts, credit facilities or lines of credit, orporate bonds. The interest rates applicable to these different forms may vary depending on the lender, the borrower. These may or may not be regulated by law.
A loan is a type of debt. All material things can be lent but this article focuses exclusively on monetary loans. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower.
The borrower initially receives an amount of money from the lender, which they pay back, usually but not always in regular installments, to the lender. This service is generally provided at a cost, referred to as interest on the debt.
Acting as a provider of loans is one of the principal tasks for financial institutions. For other institutions, issuing of debt contracts such as bonds is a typical source of funding. Bank loans and credit are one way to increase the money supply.
In some instances, a loan taken out to purchase a new or used car may be secured on the car, in much the same way as a mortgage above, although the duration of the loan period is considerably shorter, quite often corresponding to the useful life of the car. Where this is not, it will be another form of consumer credit. In the United Kingdom, when applied to individuals, these may come under the Consumer Credit Act 1974.
Credit card companies in some countries have been accused by consumer organisations of lending at usury rates of interest