What are loans?
Getting a loan from a bank is when a bank lends you a sum of money or you borrow a sum of money from a bank that is expected to be paid back with interest.
This sum of money is expected to be paid back with interest over an agreed period of time.
Banks offer loans for a variety of things:
- New Car
- Home Improvements
- Personal - wedding, unplanned event, etc...
Loans also come in a variety of different amounts depending on what you need it for. Your bank will also talk to you about the best way to pay it back and what interest rates are available.
Compare interest rates
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