Loan

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loan,

in business, sum of money borrowed at a particular interest rate. More generally, it refers to anything given on condition of its return or repayment of its equivalent. A loan may be acknowledged by a bond, a promissory note, or a mere oral promise to repay. Because of biblical injunctions against usury, the early Christian church forbade the taking of interest. In feudal European society, loans were little needed by the great mass of relatively self-sufficient and noncommercial peasants and serfs, but kings, nobles, and ecclesiastics were heavy borrowers for personal expenditures. Merchants and other townsmen, especially the Jews, were the moneylenders, and various devices were found for circumventing the prohibition of usury. With the rise of a commercial society, restrictions on the taking of interest were gradually relaxed. Today, banks and finance companies make most loans, usually on collateralcollateral
, something of value given or pledged as security for payment of a loan. Collateral consists usually of financial instruments, such as stocks, bonds, and negotiable paper, rather than physical goods, although the latter may also be accepted as such.
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, such as stocks, personal effects, and mortgages on land and other property, or on assignments of wages. Credit unionscredit union,
cooperative, not-for-profit financial institution that makes low-interest personal loans to its members. It is usually composed of persons from the same occupational group or the same local community or institution.
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 have attained some importance in making personal loans at relatively low interest rates, and microcredit programs and organizations, which offer small-scale loans, have proved useful, particularly in developing countries, in helping individuals to establish small businesses. The 21st cent. has seen the rise of so-called peer-to-peer lending, in which companies use the Internet to match lenders with borrowers. Focusing on smaller personal and business loans, peer-to-peer lending has developed in part because investors faced lower interest rates on bonds and money-market funds in the aftermath of the recession of 2007–9. A pawnbrokerpawnbroker,
one who makes loans on personal effects that are left as security. The practice of pawnbroking is ancient, as is recognition of the danger it involves of oppressing the poor.
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 lends money on the security of articles left in his shop.

Loan

 

in civil law, a contract by which one party (the lender) transfers to the ownership of another party (the borrower) or to his management money or articles defined by generic characteristics, such as number, weight, measure (for example, grain), and the borrower undertakes to return the same amount of money or an equal quantity of articles of the same kind and quality. Loan contracts belong to the category of so-called real (the rights and obligations of the parties under such contract arise only from Jhe moment of the transfer of the loan) and unilateral contracts (the lender has the right to demand the return of the loaned property and does not carry any obligations, whereas the borrower is obliged to return the property and has no rights whatsoever). Under Soviet legislation, loan contracts are to be gratuitous, and the collection of interest is allowed only in cases prescribed by the legislation of the USSR and in the loan operations of public mutual aid funds and municipal pawnshops. A contract for an amount greater than 50 rubles must be concluded in writing.


Loan

 

(Russian, ssuda), a type of loan (zaem) in specie or in kind. The State Bank of the USSR (Gosbank) and other banks of the USSR, by paying out specific, fixed-term sums of money, extend credit to state organizations, collective farms and other cooperatives, and public organizations (see and CREDIT). Banks, public mutual-help offices, pawnbrokers, and the funds of associations of creative workers make loans in money to individual citizens, according to set regulations.

References in periodicals archive ?
In addition to the above features, NBO will also provide insurance facilities to the customer for life and permanent total disability to cover the loan amount in the event of any sudden set back faced by the owner of the company.
Sean Mooney prepared the financing The loan amount was $1,250,000.
Mukesh Bhatt, Organizer of the loan fair and lead bank manager, stated that as per the rule, loan of Rs 4 lakh can be sanctioned to students without guarantee and loan amount up to Rs 7 lakh can be approved on personal guarantee.
The Home Ownership and Equity Protection Act of 1994 bars credit terms such as balloon payments and requires additional disclosures when total points and fees payable by the consumer exceed the fee-based trigger, initially set at $400 and adjusted annually, or 8 percent of the total loan amount, whichever is larger.
This made all the difference: the full requested loan amount was easily provided.
Additional means to qualify loans include FICO or Credit Score Ranges, whether or not the home is owner occupied, the year it was built, square footage, sales date, first mortgage date, loan amount, lender name, initial rate type, loan type, second mortgage date and its loan amount, lender name, rate type, loan type, specific counties/municipalities, equity value, APN, cities, states, zip codes, etc.
The loan amount is intended to recapitalise Mulonga Water and Sewerage Company and will be executed through the Ministry of Local Government and Housing to enhance income generation.
The Home Ownership and Equity Protection Act of 1994 bars credit terms such as balloon payments and requires additional disclosures when total points and fees payable by the consumer exceed $400 (to be adjusted annually) or 8 percent of the total loan amount, whichever is larger.
There are many different types of loans available to both parents and students from various lenders, each with different options including fees, repayment plans, total loan amount, consolidation options, credit strength scores and FAFSA eligibility.
Loan amount is to be finalized after further discussions.
The lender got comfortable because the retail supports a large portion of the loan amount.
Also, a significant share of the loan amount is borrowed by school districts with good credit quality.