extensive

The concept of «loan» is quite extensive. On the website http://usapaydayloans.info/reviews/check-city-review-online-payday-loans/
find out more. In the simplest case, a loan is a transfer of ownership of money and other material assets from the lender to the borrower on the terms of subsequent repayment after a certain time period. In a more detailed sense, the definition of a loan can be formulated as follows:

A loan is a type of relationship in which one party transfers money or other values formed by generic characteristics to the other: weight, measure, number, etc.the Borrower undertakes to return a similar amount or other property in the amount, of the same kind and quality, in which it was taken for temporary use.

As for the services of MFIs and other financial institutions, in this sense, a loan is a form of cash flow provided on a paid basis, at interest and for a certain period. Such services can be public and commercial, consumer and banking, mortgage and international, and so on.

Civil-legal relations in case of a paid loan are fixed by a corresponding agreement, which is signed by all the parties involved.

A distinctive feature of a loan, as a type of legal relationship: the borrower for a certain time is the owner of the subject of the agreement, i.e. he can dispose of money or other material values at his own discretion. A loan agreement is a written agreement between two parties to provide funds or other valuables. It consists in the case if the loan amount or the value of material assets exceeds 1000 rubles.

The content of the loan agreement is a set of certain conditions. The General terms of the agreement include:

Essential — the subject of the contract, the conditions for repayment of the debt.
Conditional — the refund period and the presence of a Commission.
Random — entered into the contract with the consent of both parties.
In addition, the agreement specifies the details of both parties. For example, if we are talking about loans in microfinance organizations, then the parties to the agreement are usually individuals and legal entities.

Mandatory data for such an agreement:

Full name of the borrower, information from his passport, address of residence and registration.
Name of the lender (legal entity persons).
Full Name of the General Director of the MFO, the owner of the company or other person entitled to participate in transactions.
How to apply for a loan
The procedure for obtaining a loan depends largely on the organization that provides such services. On the example of microfinance organizations, the procedure for obtaining a loan is as follows.

The MFI client can apply for a loan at the office of the selected company or on its official website. In the application is displayed:

Loan amount.
Period of use of funds.
Passport details of the borrower.
Contact information.
Method of receiving funds.