A loan is a type of debt and usually refers to one involving a cash sum paid to the borrower by the lender; this is a legal contract between the lender or creditor and the borrower or debtor. The true definition would include, services, products or people (like staff) but for the purposes of this piece it is financial arrangements we are concerned with. Like all debts, a monetary loan entails the gradual payback of the initial sum borrowed over time, between the lender and the borrower; the usual repayment method is based around monthly installments but this period can be longer.

The debt is repaid but an interest charge is added for the service being provided and the method by which the lender is compensated. Some companies add the interest onto the repayments but make sure this is the first part to be paid so a number of monthly payments might be required before the capital repayment actually starts to be paid. More frequently the amount is repaid in equal installments, a portion of which is the interest.

Whilst financial establishments can play many roles, this is the most frequent way in which they are used. Bank loans and credit are one way to increase a person\'s or company\'s money supply; many other cash raising methods exist but this is the simplest.

A mortgage on the other hand is designed for one purpose, that of purchasing property or land and is one of the most common types of long term debt individuals experience. In this instance, the lender is given security on the money advanced in the form of the title deeds of the house until the debt is repaid in full. This is a much more serious type of situation and one where it is actually possible for the bank to foreclose on the loan if the borrower fails to make repayments; they have the option of selling it to reclaim their money or keeping it as an investment.

In some instances, a loan taken out to purchase a new or used car may be secured on the car itself; in much the same way as a mortgage is secured by the house itself. To ensure that the finance company does not lose money, secured loans on cars are normally short term; usually lasting no more than 5 years, maximum.

Unsecured loans are available from financial institutions under many different guises or marketing packages; credit cards, bank overdrafts and other forms of finance all fall into this category. The interest rates applicable to these different forms may vary depending on the lender, the borrower and the type of credit supplied.

There are many names for it but predatory lending is the most common; used when a company places pressure on a person to use their services in order for the company to have a financial hold on that person. Criticism of some credit card suppliers in a number of countries is also made as they issue cards to individuals at extremely high rates of interest in an underhand attempt to keep them paying off even small balances for a long period. The wise person treads carefully when dealing with financial institutions as they only have one agenda.

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