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Simple English definitions for legal terms
time loan
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A quick definition of time loan:
A time loan is when someone borrows money and agrees to pay it back by a certain date, usually more than a year from when they borrowed it. If they try to pay it back early, they might have to pay extra. It's like borrowing a toy from a friend and promising to give it back on a certain day.A more thorough explanation:
Definition: A loan with a specified due date, usually of more than one year. Such a loan typically cannot be repaid before maturity without incurring a penalty.
Examples: A person takes out a time loan to buy a house. The loan has a specified due date, usually 15 to 30 years from the date of the loan. The borrower cannot repay the loan before the due date without incurring a penalty.
Explanation: A time loan is a type of loan that has a specific due date, usually of more than one year. The borrower cannot repay the loan before the due date without incurring a penalty. This type of loan is commonly used for large purchases, such as a house or a car. The borrower makes regular payments over the life of the loan until it is paid off in full.