Coast Capital Savings — how to apply for an online loan.
The classification of the loan is primarily accepted to be carried out according to the following criteria:
1) according to the form in which a specific loan is granted;
2) by category of lender and borrower;
3) by the time of submission.
Classification according to these characteristics allows you to identify the main forms of credit.
At Coast Capital , you can learn more about loans.
In addition, it is possible to classify the loan in more detail using additional characteristics, while talking about the types of credit within a particular form.
The type of loan is a more detailed description of the main form of credit by highlighting additional features. The detailed classification is based on the principles of lending, so many specific types of loans reflect the specifics of the loan movement, characterize individual aspects of the organization of the credit process.
The primary forms of credit include: commodity; monetary and mixed.
The commodity form is a form of credit, which is characterized by the provision by the lender of things, goods on the terms of a counter transfer of an equal number of other things, goods of the same kind and quality.
Such transactions were widely used in ancient society. Roman law regulated such credit relations and defined them as a loan agreement. Roman jurists distinguished between a loan and a loan. With a loan, not every such thing was subject to repayment, namely the one that was borrowed. With the loan, any such thing, a thing with the same generic characteristics, was subject to repayment.
On the basis of the commodity form of credit, its monetary form has been comprehensively developed – this is a form of credit, which is characterized by the transfer of money on the terms of repayment.
In the modern economy, this form has become predominant. From the very moment of its appearance, it was destined for a special role, since money is an absolutely liquid and easily replaceable asset.
Along with these forms, there is a mixed form of credit, which combines a number of properties of the first two.
Indeed, a loan can be provided both by transferring goods, which is characteristic of the commodity form, and by transferring money, which is characteristic of its monetary form. In this case, the repayment will be carried out in reverse order — in money or goods.