Definition, Meaning & Synonyms
loan
noun
/loʊn/
Definition
A loan is a sum of money that is borrowed and expected to be paid back with interest.
Examples
- She took out a loan to buy a new car.
- The bank approved his loan application quickly.
- Many students rely on loans to fund their education.
Meaning
Loans are typically used to finance a purchase, investment, or other expenses. The borrower agrees to repay the principal plus interest over a specified period.
Synonyms
- credit
- advance
- mortgage
- financing
