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/loʊn/
Meaning & Definition
noun
A sum of money that is borrowed and is expected to be paid back with interest.
She took out a loan to finance her education.
An arrangement in which a borrower receives something of value from a lender with the obligation to return it or its equivalent.
The library allows you to take a loan of books for up to three weeks.
verb
To allow someone to borrow something.
Can you loan me your pen for a moment?
To give someone a loan, especially in the context of money.
The bank is willing to loan her the money to buy a house.
Etymology
From Old English 'lǣnan', meaning 'to lend'.
Common Phrases and Expressions
student loan
A sum of money borrowed to pay for education, usually requiring repayment after graduation.
personal loan
An unsecured loan that can be used for various personal expenses.
loan shark
A person who lends money at extremely high-interest rates.
Related Words
borrow
To take and use (money) from someone with the intention of returning it.
lend
To give (money) on the agreement that it will be returned with interest.
creditor
A person or institution to whom money is owed.
Slang Meanings
Loan shark
He's been avoiding that loan shark since he defaulted on the payment.
Pre-approved loan
I got a letter saying I have a pre-approved loan just waiting for me!