Loan management refers to the process of overseeing and handling loans taken by individuals or businesses. It involves tracking payments, managing interest rates, and ensuring that borrowers meet their repayment schedules. Effective loan management helps prevent defaults and maintains a good credit score, which is essential for future borrowing. Additionally, loan management can include refinancing options, where borrowers can adjust their loan terms to make payments more manageable. Tools like loan calculators and budgeting apps can assist borrowers in planning their finances and understanding their obligations. By staying organized and informed, borrowers can navigate their loans more effectively.