Loans
Loans are provided to individuals and businesses with access to funds for a variety of purposes, such as education or significant purchases. Financial institutions evaluate borrowers' creditworthiness, enabling them to receive a lump sum that is repaid with interest over a designated period.
Understanding the terms of loans, including interest rates and repayment schedules, is crucial for effective financial management. Careful budgeting ensures timely repayments and helps avoid excessive debt, making loans an essential tool for reaching financial objectives.