When an individual applies for and is approved for a loan, they essentially apply for aid in the area of financial assistance or financial support.
A loan provides the borrower with access to funds that they may need for various purposes, such as purchasing a home, financing education, starting or expanding a business, or covering unexpected expenses. By obtaining a loan, individuals receive financial aid in the form of borrowed money, which they agree to repay over time, often with interest. This financial aid helps them meet their financial goals and needs, especially when they don't have immediate access to sufficient funds.
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