Definition, Meaning & Synonyms

repayment

noun

/rɪˈpeɪmənt/

Definition

The act of paying back money previously borrowed, typically with interest.

Examples

After years of repayment, she finally paid off her student loans.
The bank offered a flexible repayment plan for the mortgage.
His repayment of the personal loan was due at the end of the month.

Meaning

Repayment refers to the process of returning borrowed funds to a lender. This can involve paying back a loan, a debt, or any sum that is owed. It is often associated with financial obligations and can occur in various forms, such as installments or lump-sum payments.