The Recipient (I.E., The Borrower) 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.

The Document Evidencing The Debt (E.G., A Promissory Note) Will Normally Specify, Among Other Things, The Principal Amount Of Money Borrowed, The Interest Rate The Lender Is Charging, And The Date Of Repayment. A Loan Entails The Reallocation Of The Subject Asset(S) For A Period Of Time, Between The Lender And The Borrower.



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