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Loans A loan is defined as a written agreement between a group of parties, which involves the transfer of ownership of something from the first party to the second party, against the obligation to pay it during a predetermined period of time. The loan is repaid on the basis of amounts called The amount of the lump sum shall be determined and a specific date called the due date shall be specified where the first party shall be provided with a certain amount of the amount of money, both parties or one of which may be ordinary persons or service, commercial, or financial institutions. As a kind of secondment granted to persons; on the basis of a legal application, indicating their wish to obtain the loan, which includes a promise to pay it during a fixed and agreed period. [2] Other loan definitions are a sum of money or something Provided to a person, against the return of such amount or the value of the item submitted in specified batches, including the return of the full value, or the addition of an additional amount, called financial interest [3].

Types of loans

Loans have different types, each of which has a specific function and purpose, which achieve the required loans in the most appropriate way. The following are the most important types of loans:


Personal loans

Personal loans are one of the most common types of loans offered by financial institutions, namely banks. These loans are often a sum of money in advance for individuals, in exchange for providing a range of guarantees to the bank that will provide the loan. Financial proof of the value of non-current assets, for example: title deeds of buildings, land or vehicles, so as to guarantee the bank's right to receive the value of the loan if it is not obligated to pay it during the time allotted. [4] This is a type of profit that the bank achieves. It is a percentage that is calculated monthly or annually on the original value of the loan and is repaid during the payment of the payment due. , Or depending on the terms declared by the bank in the loan contract. [4]


Credit Cards
Credit cards are a type of loan, linked to the existence of a bank account for the cardholder. Each credit card has a certain amount of money, which allows the holder to pay money. The total amount of the credit card is paid at a later date. Individuals credit cards in a short period of time often, but rely on the use of a high interest rate compared to personal loans; the credit card interest rate is twice the interest rate on the personal loan. [4]
Loans by degree of guarantee
This type of loan is divided into two parts:
Secured loans: loans that must be given a certain guarantee to the entity that gives them, in exchange for them, and the loan is not given without the guarantee; which is a guaranteed way to collect the financial value, And to control it; in order to restore the value of the loan.
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Unsecured loans: loans that do not depend on the provision of collateral, but offset by a high rate of interest on the total value of the loan, which must provide documents on the nature of individual income; to ensure the legal rights of the bank, which contributes to the restoration of the loan, through Use of judicial means and methods.
Real estate loans
Real estate loans are the loans provided by the bank in exchange for a mortgage; that is, the property of the value of the loan remains mortgaged to the bank until the borrower pays the owner of the property the full amount of the loan; so that the mortgaged property moves from the ownership of the bank and becomes the private legal property of the owner. Officially on the basis of a concession submitted by the bank. The idea of ​​mortgages has helped many people to buy homes and apartments, relying on the installment of their value through various commercial banks, which offer many financial ideas, in order to encourage individuals to buy property through them
Loans by term The loans are divided into three categories, namely: [6] Short-term loans: loans that include simple commitments, individuals receive for the purchase of certain items, or low-value payments; To less than one fiscal year, for example: commercial loans involving access to cash from the Bank; the purchase of goods or the payment of some of the accumulated invoices to merchants. Medium-term loans: loans that are based on medium-term financing, with repayment periods ranging from one to five years. Individuals often use this type of loan to purchase cars, home furniture, personal office equipment, and other items. Other. Long-term loans are loans that are based on the purchase of high-priced items; their repayment period may last up to ten years, and usually include loans for properties such as land, houses and other real estate. It has many legal obligations, which contribute to guaranteeing the rights of all loan parties.



Terms of loans

Before making loans, the following conditions must be satisfied: [7] Satisfaction is the acceptance by the parties to the loan in the form of their contract, and within a set of clear legal points. Provide mental, psychological and legal capacity: The lender must have the ability to dispose of what he will lend, and the borrower should apply for the loan in a proper manner and be obliged to repay it. The nature of the loan: is the form of the loan; it may be money that can be disbursed, and then paid, or material things that are paid according to different payments.



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