loan

Everyday

1. A loan is money that someone borrows and must pay back, often with extra money called interest. tree →
2. A loan is something lent to someone for a while: «The book is on loan.» tree →
3. To loan means to lend. tree →

In the lessons

In everyday life and money lessons, people take a loan from a bank to buy a house (a mortgage) or a car, then pay it back bit by bit with interest. Libraries loan books. In maths problems, loans include amounts, interest and repayments: borrow $100 at 10% interest and pay back $110. Phrases: «take out a loan», «pay back a loan», «on loan», «bank loan», «student loan».

Examples

• They took out a loan to buy a car. tree →
• The painting is on loan to the museum. tree →
• You must pay back a loan. tree →
• The library loaned us twenty books for the project. tree →
• If you borrow £100 and pay 5% interest, you pay back £105. tree →
• He asked his sister for a small loan. tree →
• The player is on loan to another club. tree →
• Never agree to a loan from a stranger online. tree →

Note

Countable: loans. Homophone: «loan» (something lent) and «lone» (alone). In British English «lend» is more usual as the verb («lend me a pen»); «loan» as a verb is common in American English. Lend = give for a while; borrow = take for a while.

In Jewish tradition

The Torah regulates lending, and a lender may not enter a borrower's house to take a pledge, so the poor man keeps his dignity. Hannah's son Samuel is called a "loan" lent to the LORD, since she gave him to serve at the sanctuary.

Interpretation. The rabbis see lending to the needy as a great mitzvah, higher than giving charity, since it helps a person stand on his own feet. They taught that the lender must respect the borrower's home and privacy. Hannah's gift of her child is read as a model of dedicating what one loves most to God.

Examples

• When thou dost lend thy neighbour any manner of loan, thou shalt not go into his house to fetch his pledge. (Torah DEU.24.10, JPS 1917) tree →
• And Eli would bless Elkanah and his wife, and say: 'The LORD give thee seed of this woman for the loan which was lent to the LORD.' And they would go unto their own home. (Prophets 1SA.2.20, JPS 1917) tree →

Note

Countable: loans. Homophone: «loan» (something lent) and «lone» (alone). In British English «lend» is more usual as the verb («lend me a pen»); «loan» as a verb is common in American English. Lend = give for a while; borrow = take for a while.