Personal Loans
A loan is defined as the lending of money from an individual or organization to another individual or organization. The borrower takes on debt and is usually liable to pay interest on the loan until it is paid off.
There are several different types of personal loans including secured, unsecured, demand, and subsidized. Common personal loans include mortgages, car loans, home equity loans, and payday loans.
According to the IRS, a loan is not considered gross income.
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