package loan

Meanings

1. 1nouncountablebusinessfinance

   A single loan that combines several separate amounts or purposes into one agreement.

   Grammar: Countable: you can say a package loan or two package loans.

   Patterns

   • take out a package loan
   • a package loan for something

   The bank offered them a package loan that covered both the car and the home repairs.

   A package loan often has a lower interest rate than several small loans added together.

2. 2nouncountablebusinessfinance

   A loan sold together with other financial products as one deal.

   Grammar: Often followed by with: a package loan with insurance.

   Patterns

   • a package loan with something
   • package loan products

   The package loan included travel insurance and a credit card.

   Customers complained that the package loan was hard to compare with a plain mortgage.

Word forms

Common combinations

take out a package loan

They took out a package loan to pay for the wedding and the honeymoon.

a package loan with insurance

The advisor suggested a package loan with insurance for the first year.

package loan agreement

Read the package loan agreement carefully before you sign.

offer a package loan

Only two banks offered a package loan in that region.

Synonyms and how they differ

combined loan

A general term for any loan that joins two or more debts; package loan is more common in marketing materials.

consolidation loan

This usually means a loan that pays off several existing debts; a package loan may also include new borrowing.

Word family

package verb

To put something into a container or present it as a whole deal.

packaging noun

The materials used to wrap goods, or the way something is presented.

Commonly confused: package loan or packaged loan?

Practice

Make it your own

Write a sentence using “package loan”, then check it and compare it with the examples above.

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