What does lend you money mean?

BTCC, a leading cryptocurrency exchange, offers a range of services beyond trading. Among its offerings are lending services within the cryptocurrency sphere. BTCC's services encompass spot trading, futures trading, wallet management, and more, providing a comprehensive platform for crypto enthusiasts.

The term "lend" refers to the act of providing money to someone with the understanding that it will be repaid in the future. This process typically involves an agreement between a lender, such as a bank or financial institution, and a borrower.

In a lending arrangement, the borrower agrees to repay the lent amount, often with an additional sum, known as interest, added to the original principal. This interest serves as compensation for the lender, who has parted with their funds for a specified period.

Many financial institutions, including banks, offer lending services to qualified individuals and businesses. However, not all applications for loans are approved. For instance, some banks may refuse to lend to students due to perceived risks or lack of creditworthiness.

When a loan is approved, the agreement will specify the terms and conditions, including the loan amount, interest rate, repayment schedule, and any associated fees. The borrower is obligated to adhere to these terms until the loan is fully repaid.