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Simple English definitions for legal terms
institutional lender
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A quick definition of institutional lender:
An institutional lender is a type of business, like a bank, that gives money to people who need it. They do this all the time, not just once in a while.
A more thorough explanation:
Definition: An institutional lender is a business, typically a bank, that regularly provides loans to the public.
Example: Bank of America is an institutional lender that offers various types of loans, such as personal loans, auto loans, and mortgages.
Explanation: Institutional lenders are financial institutions that have the resources and expertise to provide loans to individuals and businesses. They have a standardized process for evaluating loan applications and determining the interest rates and terms of the loan. Bank of America is an example of an institutional lender because it is a large bank that offers a wide range of loan products to the public.