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A loan agreement is a contract between lender and borrower (creditor and debtor) in which the lender agrees to loan an amount of money, and the borrower agrees to pay back that money with interest over time. Collateral is normally promised by the borrower in case borrower is unable to pay back the debt. In that case, the lender takes possession of the collateral and sells it, collecting their debt out of the proceeds and returning any excess proceeds to the debtor.
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