You receive an infusion of funds while agreeing to repay the loan with interest in a series of installments over the lifetime, or term, of the loan. (valuepenguin.com)
A typical personal loan involves receiving a lump sum of money from a bank, and repaying that loan with interest over time. (guidetolenders.com)
When the loan is due and payable, some or all of the equity in the property no longer belongs to borrowers, who may need to sell the home or otherwise repay the loan with interest from other proceeds. (americanadvisorsgroup.com)