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Loan from a bank

All commercial banks are involved in lending money to suitable businesses. The first problem is to convince the bank that the proposed business is likely to succeed. The second is that the bank will probably want some form of 'security' for the loan which they can take if the loan is not repaid. Examples include a paid-up life assurance policy, a mortgage on a house or a pledge of reasonably valuable personal possessions.

Banks may lend money by a formal loan or simply by allowing the customer to over-draw his account (known as an overdraft).

A loan is usually for a fixed, clearly stated period. Interest is charged on the full amount of the loan whether it is taken out of the bank or not. Security for the loan is usually required.

On an overdraft, interest is paid only on the amount actually over­drawn on a day-to-day basis, but the rate is usually higher than on loans. Banks usually retain the right to call an overdraft in (that is, to require re­payment) without notice.

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