Loan Repayment

Loan repayment refers to the process of paying back borrowed money to a lender, usually in installments. When you take out a loan, you agree to repay the principal amount plus interest over a specified period. Repayment schedules can vary, with options for monthly, quarterly, or yearly payments. If payments are missed, there can be penalties, and the lender may take action to recover the funds. Understanding the terms of a loan, including interest rates and repayment timelines, is essential for managing debt responsibly and maintaining a good credit score.