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2 years ago

Were all loan proceeds used to purchase, build, or improve the home secured by this loan?.

1 answer:

7 0

A loan is usually gotten from a financial institution to solve a financial emergency which was unplanned for.

This refers to the obtaining of money from a financial institution and a formal agreement is made for the repayment of the money after a given period of time and with interest.

With this in mind, we can see that loan proceeds can be used to:

Buy a house
Go on a trip, etc

Please note that your question is incomplete so I gave you a general overview to help you get better understanding of the concept.

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