It's not a loan if the lender still has use of, and access to, the money. It's a contract of a different type. In exchange for being in receipt of a deposit, the customer must agree to return a sum equal to the principal plus interest. This is establishing a debt on the part of the customer, but it was not established by the granting of a loan. Banks create credit in exchange for the debt instrument.
We owe the banks in spite of not having been loaned any money.
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