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Meaning & use

loan taken out

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UK/ˌləʊn teɪkən ˈaʊt/
US/ˌloʊn teɪkən ˈaʊt/

Meanings

  1. phrasefixed phrase

    A sum of money borrowed from a bank or lender, especially one that has already been arranged and received.

    Grammar: Used as a noun phrase; it describes the loan from the borrower's point of view, focusing on the act of borrowing.

    Patterns

    • a loan taken out to do something
    • a loan taken out against something
    • the loan taken out by someone

    The car was paid for with a loan taken out at the local bank.

    She is still paying off a loan taken out five years ago.

    A loan taken out against their house helped them start the business.

  2. phrasefixed phrasefinance

    The act of borrowing money, seen as an event in a person's or company's financial history.

    Grammar: Often follows words like 'after', 'before' or 'since' to place the borrowing in time.

    Patterns

    • after a loan taken out
    • since the loan taken out in <year>
    • following a loan taken out from someone

    Interest rates have risen since the loan taken out last spring.

    The report lists every loan taken out by the company that year.

Common combinations

take out a loan
They took out a loan to cover the repairs.
pay off a loan
It took him ten years to pay off the loan.
a loan taken out against property
A loan taken out against property usually carries a lower rate.
a loan taken out to buy something
The loan taken out to buy the van was repaid early.
the terms of a loan
Read the terms of the loan before you sign.

Synonyms and how they differ

borrowing
More general and can refer to any act of borrowing, not only money from a lender.
mortgage
A loan taken out specifically to buy property, so it is narrower than this phrase.
credit
Refers to the arrangement or facility for borrowing rather than one particular sum received.

Opposites

loan paid offrepayment

Word family

lender noun
A person or organization that gives out loans.
borrower noun
The person who receives and must repay a loan.
lend verb
To give money expecting it to be returned.

Commonly confused: loan taken out or lone? loan taken out or lien?

loan taken out vs lone

'Lone' means single or solitary, as in 'a lone figure'; it sounds the same as 'loan' in many accents but has nothing to do with money.

loan taken out vs lien

A lien is a legal claim on property until a debt is paid; a loan is the money borrowed itself.

Practice

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