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What Is A Loan?

A Loan is money that you borrow, often from a bank, with the promise to pay it back along with interest on the borrowed money.

Loans provide you with the money you need in the short term to make a large purchase such as a car or a house, and allow you to pay back the money over time. For this convenience, you pay interest on the borrowed amount.

There are many different kinds of loans. This section will address four very common loans.

  1. Student Loans – used to finance a post-secondary education
  2. Auto Loans – used to finance the purchase of a vehicle
  3. Mortgages – used to finance the purchase of  a home
  4. Home Equity Loans - used to finance a variety of things
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Financial Literacy Toolkit