What is a loan? Is it a loan to borrow and repay (with interest)? If individuals borrow money from relatives and friends, and specify the interest and return time. ...
1. Loan is a form of credit activity in which banks or other financial institutions lend monetary funds at a certain interest rate and must return them.
2. No individual or institution can borrow money (it must be authorized by the People's Bank of China or an authorized institution). If you borrow money from relatives and friends, it's called borrowing.
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