Word: Bank Loan
Definition: A bank loan is an amount of money that a bank lends you. You must pay it back later, usually with extra money called interest. The loan must be paid back by a certain date.
Usage Instructions:
You can use "bank loan" when talking about borrowing money from a bank, especially for things like buying a house, starting a business, or paying for education.
Example:
Advanced Usage:
Types of Bank Loans: There are different types of bank loans, such as personal loans, mortgage loans (for buying a house), and business loans (for starting or expanding a business).
Interest Rate: The interest rate is the extra money you have to pay back on top of the original amount you borrowed. It can be fixed (the same throughout the loan period) or variable (it can change).
Word Variants:
Loan (noun): The act of lending money.
Lend (verb): To give money to someone with the expectation that it will be paid back.
Borrow (verb): To take money from someone with the intention of returning it.
Different Meanings:
Bank: A financial institution that accepts deposits and provides loans.
Loan: Can also mean any borrowed item, not just money (e.g., "I need to loan a book from the library").
Synonyms:
Credit: Money available to be borrowed.
Mortgage: A specific type of bank loan used to buy real estate.
Financing: The act of providing funds for a project or purchase.
Idioms and Phrasal Verbs:
"In the red": This means to owe money or be in debt, which can happen if you can't repay your bank loan.
"Pay back": This phrasal verb means to return the money you borrowed. For example, "I need to pay back my bank loan by next year."
Summary:
A bank loan is a way to borrow money from a bank that you must pay back, usually with interest, by a specific date.