Definition, Meaning & Synonyms

loan-account

Noun

/loʊn əˈkaʊnt/

Definition

A loan account is a financial account that tracks the money borrowed from a lender and the repayment of that borrowed money.

Examples

She opened a loan account to finance her new car.
His loan account showed a steady increase in payments over the past year.
It’s important to regularly check your loan account statements to avoid missing payments.

Meaning

It refers specifically to the arrangement made between a borrower and a lender where the borrower receives funds which must be repaid over time, typically with interest.