Meaning & Definition of word "Loan"

Loan

/loʊn/

1. A sum of money that is borrowed and is expected to be paid back with interest.
- Example: She took out a loan to finance her education.
2. An arrangement in which a borrower receives something of value from a lender with the obligation to return it or its equivalent.
- Example: The library allows you to take a loan of books for up to three weeks.

1. To allow someone to borrow something.
- Example: Can you loan me your pen for a moment?
2. To give someone a loan, especially in the context of money.
- Example: The bank is willing to loan her the money to buy a house.

●From Old English 'lǣnan', meaning 'to lend'.

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.

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.

Meaning: Loan shark

● Example Sentence: He's been avoiding that loan shark since he defaulted on the payment.

Meaning: Pre-approved loan

● Example Sentence: I got a letter saying I have a pre-approved loan just waiting for me!