Bank loan is an amount of money which is borrowed from a bank and has to be repaid at a later date, usually together with interest. Legally, a loan is a contract between a buyer (the borrower) and a seller (the lender). There are different types of loans available to people seeking financial assistance. They can be categorised based on various criteria and factors such as financial need, duration, presence or absence of security or collateral, credit risk, etc.
In the text below you can find a short description of different types of loans. In order to find out which is which you will first need to complete the text with the following terms for different types of loans: secured personal loan, unsecured personal loan, auto loan, home loan, home improvement loan, investment loan, open-ended loan, closed-ended loan, debt consolidation loan, career development loan.
