The borrower wants to be sure it will receive the right amount at the right time. Whether a company intends to finance a particular purchase or simply needs access to funds for general day-to-day (or 'working capital') purposes, it must be certain it will receive the amount of money expected by the date it is needed – and that it can keep the loan for a certain period of time.
The lender wants to be sure it will get its money back. The lender needs to know it can count on the loan being repaid by a certain date – whether in instalments or in one lump sum at the end. The lender also wants to be sure it will receive interest on the loan from the borrower at an agreed rate and at agreed intervals.