If you take out a loan, you borrow money, usually from a bank
ləʊn $ loʊn/ ●●● S2 W2 noun
1 [countable] an amount of money that you borrow from a bank etc
loan of
a loan of £60,000
I had to take out a loan to buy my car.
It’ll be years before we’ve paid off the loan.
2 [singular] when you lend something to someone
loan of
Thanks for the loan of your camera.
3 → on loan (from somebody/something)
COLLOCATIONS
VERBS
take out a loan (=borrow money)
Most home buyers take out a loan.
repay/pay off/pay back a loan (=give back the money you borrowed, usually over a period of time)
You can repay the loan early without a penalty.
give somebody a loan
I hoped to persuade my bank manager to give us a loan.
make a loan (=give someone a loan)
Banks are cautious about making new loans.
ask for/apply for a loan
He asked his father for a loan.
get a loan
She got a loan from the bank.
secure a loan (on something) (=agree to give the lender something if you do not pay back the loan on time)
The loan was secured on his home.
ADJECTIVES/NOUN + LOAN
a £20,000/$5,000 etc loan
The company asked for a £100,000 loan.
a bank loan (=money lent by a bank)
What is the interest you will pay on a bank loan?
a home/car loan (=a loan to buy a home or a car)
They took out a thirty-year home loan.
a personal loan (=money lent to a person, rather than a company)
If you want money for a specific purchase, you can get a personal loan.
a business loan (=money lent to a business)
The bank offers a range of business loans to meet the needs of small businesses.
a student loan (=money lent to a student to pay for university)
Many college graduates are paying off huge student loans.
a long-term/short-term loan (=to be paid back after a long/short time)
I intended the money as a short-term loan.
an interest-free loan (=on which you pay no interest)
They offer an interest-free loan for two years.
a low-interest loan
a low-interest loan to the country from the International Development Association
LOAN + NOUN
a loan repayment
your monthly loan repayments
a loan agreement (=that says how much the loan will be, how much you will pay back each month etc)
Read the terms of your loan agreement carefully.
THESAURUS
loan noun [countable] an amount of money that is borrowed, especially from a bank or company, which you agree to pay back by the end of a period of time
We took out a loan to buy a new car.
He is paying back a $50,000 loan.
mortgage noun [countable] a large amount of money that someone borrows from a bank or company to buy a house
Nick told me the mortgage on his apartment is worth about $90,000.
Anyone taking out a mortgage should be aware that interest rates can go up at any time.
It took my parents nearly thirty years to pay off their mortgage.
interest noun [uncountable] money that you pay for borrowing money, especially that you pay every year or every month at a fixed rate
Credit companies charge huge amounts of interest.
What’s the interest on the loan?
overdraft noun [countable] British English the amount of money that you owe to bank when you have spent more money than you had in your account
I left university with no job and a big overdraft.
20% of the bank’s customers regularly use their overdraft facility.
You have to pay a fee for unauthorized overdrafts.
debt noun [countable, uncountable] an amount of money that a person or organization owes
The company now has debts of almost £2 million.
A lot of the money went towards paying his debts.
The family were $100,000 in debt (=they owed $100,000).
credit noun [uncountable] an arrangement with a shop or bank that allows you to buy something and pay for it later
We bought the furniture on credit.
He had a credit limit of £7,000.
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