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today well explore the key elements in a loan agreement that every borrower should understand first loan amount this is the total sum of money you borrow from the lender interest rate this is a percentage charge by the lender for borrowing the funds be sure to understand whether the interest rate is fixed or variable the fixed rate Remains the Same why variable rate may change based on market conditions another important factor is the loan term this refers to length of time you have to repay the loan in full consider the repayment schedule it outlines how often you need to make payments and the amount due each time penalties and fees are also critical familiarize yourself with any late payment penalties or other charges that may apply furthermore understand the consequences of defaulting on the loan this includes potential legal actions and damage to your credit score lastly review the loan agreements terms and conditions thoroughly when it comes to loan
