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Mortgage: Loan Services

Banks provide loans to consumers and businesses using deposited cash, charging higher interest rates. Mortgages are loans for purchasing real estate, secured by the property itself, while credit cards allow borrowing for purchases with repayment terms that include interest. Both types of loans involve collateral and require repayment over time.

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Mohit Kumar
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6 views1 page

Mortgage: Loan Services

Banks provide loans to consumers and businesses using deposited cash, charging higher interest rates. Mortgages are loans for purchasing real estate, secured by the property itself, while credit cards allow borrowing for purchases with repayment terms that include interest. Both types of loans involve collateral and require repayment over time.

Uploaded by

Mohit Kumar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Loan Services

Banks make loans to consumers and businesses. The cash


that is deposited by their customers is lent out to other
customers at a higher rate of interest than the depositor is
paid in the form of credit card, mortgage and business
loans.

Collateral is a valuable asset that a borrower pledges as


security for a loan.

Mortgage
A mortgage is a type of loan used to purchase or maintain a
home, plot of land, or other types of real estate. The
borrower agrees to pay the lender over time, typically in a
series of regular payments that are divided
into principal and interest. The property then serves
as collateral to secure the loan.

Credit Card
A credit card is issued by a bank or nancial services
company that allows cardholders to borrow funds with which
to pay for goods and services. Credit cards impose the
condition that cardholders pay back the borrowed money,
plus any applicable interest, as well as any additional
agreed-upon charges, either in full by the billing date or over
time.
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