A loan is a type of debt. All material things can be lent but this article focuses exclusively on monetary loans. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower.

The borrower initially receives an amount of money from the lender, which they pay back, usually but not always in regular installments, to the lender. This service is generally provided at a cost, referred to as interest on the debt. A borrower may be subject to certain restrictions known as loan covenants under the terms of the loan.

Acting as a provider of loans is one of the principal tasks for financial institutions. For other institutions, issuing of debt contracts such as bonds is a typical source of funding. Bank loans and credit are one way to increase the money supply.

Legally, a loan is a contractual promise of a debtor to repay a sum of money in exchange for the promise of a creditor to give another sum of money.


* 1 Types of loans
o 1.1 Secured
o 1.2 Unsecured
* 2 Abuses in lending
* 3 United States taxes
* 4 Income from discharge of indebtedness
* 5 See also
* 6 References

Types of loans

Secured

A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan.

A mortgage loan is a very common type of debt instrument, used by many individuals to purchase housing. In this arrangement, the money is used to purchase the property. The financial institution, however, is given security - a lien on the title to the house - until the mortgage is paid off in full. If the borrower defaults on the loan, the bank would have the legal right to repossess the house and sell it, to recover sums owing to it.

In some instances, a loan taken out to purchase a new or used car may be secured by the car, in much the same way as a mortgage is secured by housing. The duration of the loan period is considerably shorter - often corresponding to the useful life of the car. There are two types of auto loans, direct and indirect. A direct auto loan is where a bank gives the loan directly to a consumer. An indirect auto loan is where a car dealership acts as an intermediary between the bank or financial institution and the consumer.

A type of loan especially used in limited partnership agreements is the recourse note.

A stock hedge loan is a special type of securities lending whereby the stock of a borrower is hedged by the lender against loss, using options or other hedging strategies to reduce lender risk.[citation needed]

Unsecured

Unsecured loans are monetary loans that are not secured against the borrowers assets. These may be available from financial institutions under many different guises or marketing packages:

* credit card debt,
* personal loans,
* bank overdrafts
* credit facilities or lines of credit
* corporate bonds

The interest rates applicable to these different forms may vary depending on the lender, the borrower. These may or may not be regulated by law. In the United Kingdom, when applied to individuals, these may come under the Consumer Credit Act 1974.

MountEverest.net) He climbed 7, 8000ers with Messner and skied down Everest, but says that his traverse of the two Gasherbrum sticks out most. "This level of difficulty can be upped only through the Everest-Lhotse traverse," Hans Kammerlander told PlanetMountain, "it would be the next step, perhaps a thing for the next generation."

This spring, a remarkable 'true' Lhotse-Everest traverse will be attempted - by no other than the Kazakh National Team coached by Ervand Tikhonovich Iljinsky.

The plan

The traverse has been a dream climb for many strong mountaineers, including climbers such as Simone Moro and Denis Urubko.

Climbing two 8000ers back to back within a day or two puts an incredible stress on the human body, and in this case the world's highest mountain (Everest 8848 meters) and 4th highest mountain (Lhotse 8516 meters) are both involved. The climb is a gamble with weather, and a serious test of the human spirit and mountaineering skills.

Iljinsky told ExWeb's representative in Kazakhstan Andrey Verkhovod that the Kazakhstani national team plans to make the first true traverse of Lhotse - Everest and although the exact route is still debated, the main components are:

- Ascent to Lhotse via the normal route from the South
- Descent to South Col (8000 m)
- Ascent to Everest via the classic route from the South Col.

The team and the route

The team will likely descend from Everest summit via an alternative route such as the US western route, but not via the normal route back to the South Col. This will make it a true traverse; that is starting from one point and ending at another point with no repetition of any points during the entire climb on the traverse route.

For Max and Vasso, this would prove a very special climb on the eve of their already remarkable 14, 8000ers quest. Lhotse is one of the only three 8000+ summits they still have unclimbed (the two did Everest north side without supplementary oxygen last spring).

Both Lhotse and Everest will be new 8000+ summits for the other members of the expedition. The team's training starts today (Feb 25) and here goes the short list of the 2008 expedition member candidates: Source: http://www.mounteverest.net/news.php?id=17055)

Adventurous people have witnessed the existence of the Yeti, the abominable snowman with a thick, hairy body the size of a large gorilla. The Yeti's hands and feet consist of four fingers each.About a dozen people have claimed to have seen the Yeti. Among those include the father of Tenzing Norge Sherpa, the first person to climb Everest. Like the father of Tenzing, most of the others who saw the Yeti felt sick and then died a few days after they saw it.The Yeti is said to make random appearances around the Khumbu region (at foothills of the Everest.) Still doubted for its existence by those who have not seen it, the Yeti is known to eat Yaks, sheep, etc. Many people feel, however, the Yeti of the Nepali Himalayas to be a peaceful creature.The pictures included here are from a 1951 reconnaissance expedition to Everest lead by the John Hunt. They were published in The Times of England on December 6th and noted that from the size of the ice axe, the print must be 13 inches long and 8 inches wide. Skeptics say the print is a hoax, while others say it does not matter as the Yeti is real.Known in Tibetan as metohkangmi, meaning filthy snowman, sources close to VisitNepal.com have been told the Yeti is the protector of the doors to Shambala. Perhaps, that explains why most who come in contact with the creature soon leave their body?

Annapurna (Sanskrit, Nepali, Nepal Bhasa: अन्नपूर्ण) is a series of peaks in the Himalaya, a 55 km (34 mi)-long massif whose highest point, Annapurna I, stands at 8,091 m (26,538 ft), making it the 10th-highest summit in the world and one of the 14 "eight-thousanders". It is located east of a great gorge cut through the Himalaya by the Kali Gandaki River, which separates it from the Dhaulagiri massif. (Dhaulagiri I lies 34 km/21 mi west of Annapurna I.) Annapurna is a Sanskrit name which is translated as Goddess of the Harvests. In Hinduism, Annapurna is a goddess of fertility and agriculture and an avatar of Durga.

The area of Annapurna is famous for its possibilities of trekking.
There are three major trekking routes in Annapurna Region: to Jomsom Muktinath , to Annapurna Sanctuary ( Annapurna Base Camp), and a circuit of the Annapurna Himal itself. Pokhara is also a good starting place for short treks of one to four days, such as Ghorepani Trekking, Ghandruk Trekking and others. Mustang is also geographically a part of the Annapurna region, but because treks to Mustang are subject to special restrictions. About two-thirds of the trekkers in Nepal visit the Annapurna region. The area is easily accessible, hotels in the hills are plentiful, and treks here offer good scenery of both high mountains and lowland villages.