Loaning!

Endless thoughts of how to budget? It is tough calculation but you can do it! 😉 Welcome back to your posts here in 1Zumba.com. Thank you for our new friends from: the US, India, Germany, Argentina, Nigeria, France, Netherlands, Canada, Chile, Taiwan, and all! 😉

Your younger brother asked you if he can get a loan. What did you tell him, but before that let’s define it.

What is a loan?

The dictionary tells you that a loan is:

“a thing that is borrowed, especially a sum of money that is expected to be paid back with interest. Example: “borrowers can take out a loan for $84,000”

In finance, a loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations etc. The recipient incurs a debt and is usually liable to pay interest on that debt until it is repaid as well as to repay the principal amount borrowed.

Some say it is 5 kinds and others say it is 6 types.

counting dollar bills
Photo by Karolina Grabowska on Pexels.com

Personal Loans. …
Credit Cards. …
Home-Equity Loans. …
Home-Equity Lines of Credit (HELOCs) The home-equity line of credit ( HELOC) works like a credit card but uses the home as collateral. …
Credit Card Cash Advances. …More

However there are another classification for loans when it comes to the arrangement of each loan as if each loan is tailored for a very specific purpose and specific payment and others. It’s a long talk. Do you think the new lending machine can give you 1 million at a time?

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Until we chat more about loans, take care of your budget and be aware of events that might affect it, with our hugs and kisses


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