loan

loan

I

loan¹ S2 W2 /ləʊn $ loʊn/ noun1. [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) if something or someone is on loan, they have been borrowed:
    The book I wanted was out on loan.
    paintings on loan from the Louvre
    Cantona initially went on loan to Leeds United.
     

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 [uncountable and countable] 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.

II

loan² verb [transitive]
1. American English to lend someone something, especially money
    loan somebody something
    Can you loan me $5?
    Jeff’s loaned us his car for the weekend.
2. (also loan out British English) to lend something valuable to someone:
    The National Library has loaned several manuscripts.
    loan something to somebody/something
    Two of the steam trains have been loaned to other railways.