What is a bank loan?
In simple terms, a bank loan is any amount of money given as credit from a bank (the lender) that you (the borrower) repay over an agreed amount of time. The period over which your loan is repaid is referred to as the “repayment term”. To have a loan granted, banks will often run a check on your credit score, or may ask you to put up some sort of collateral as security on the loan. But if you do not own property or have a poor credit record, you will still be able to get a loan through alternative lenders or secondary financial institutions.