LoanThe etymology of loan refers us to the Latin word commodātum, which can be translated as “loan”. A type of loan is called a loan contract through which an object is given or received in loan, which can be used without being damaged and then must be replaced.

The loan is also known as loan of use. One of the parties to the contract delivers a well to the other party so that it uses it until a certain moment, when it must specify its return.

In this type of contract, the comfortable is the one who gives an element to the borrower to use it for a certain period and then return it. It is important to bear in mind that, while the loan is being developed, the borrower maintains the property of the borrowed object. This means that the domain and ownership are not transferred, regardless of the asset in question being used by the borrower.

Another relevant fact to consider is that the loan is a contract gratuitous: who receives the object does not pay for it. It is not, therefore, a rental. The borrower, in any case, has the obligation to return what was loaned in the same conditions in which he received it, otherwise he may be forced to pay a certain amount.

Take the case of a man who hires an access service to Internet. The company charges you a certain monthly fee to provide the service, but gives you a modem in loan (without charge). The user can use the modem as long as he is a customer of the company: if he chooses to stop contracting the service, he must return the modem.

Specific obligations of the borrower

The party that becomes the owner of the thing loaned throughout the duration of the loan agreement has a series of obligations well defined by law, which may be slightly different in each country. Taking the Code Spanish for reference, they are:

* return the product once the loan period has concluded, as agreed in the loan agreement. It is important to note that in exceptional cases, the lender can claim it before this point and the borrower must agree without opposing it;

* take over the expenses that they become necessary to use and keep the thing borrowed;

Loan* not to give the thing borrowed a use that exceeds the limits of the contract. At this point, the goodwill of the borrower plays a primary role, since usually the other party cannot supervise the situation;

* take care of the product of any kind deterioration or breakage, and also avoid lending it to a third party outside the contract, since at the time of restitution it must be in very good condition.

Specific obligations of the borrower

As in any contract, the loan agreement specifies obligations for each of the parties. However, since this is unilateral, those of the borrower are born from principles of justice, since they have an accidental or eventual nature:

* if the borrower needs to invest a sum of money extraordinary to keep or repair the thing loaned, the borrower must deliver it. The condition, in an eventual case like this, is that the first one lets you know before making the expense, although if it is an emergency it is possible to ignore the notice without losing the right to a refund;

* take over the damage that the borrower may suffer because of any problem caused by the thing loaned, provided that the reasons are in damage or risks that were of his prior knowledge and that he has not expressed them at the time of signing the contract.