Business loans and consumer loans

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4 Terms

1
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Business loans

funds borrowed from a lender for operational needs such as purchasing equipment, managing cash flow, and expanding operations

2
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Consumer loans

provide individuals with credit for personal, family, or household purposes, may be secured with collateral or unsecured; mortgage, credit cards, auto loans, educational loans

3
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Amortization

the process of repaying debt over time in equal installments, covering both principal and interest.

4
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Mortgage loan

a loan used to purchase or maintain real estate (home or land), the property itself serves as collateral to secure the loan