loan application

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Loan Application

Definition:
A "loan application" is a formal request to borrow money from a bank or other financial institution. When someone wants to take out a loan, they fill out this application with information about themselves and their finances.

Advanced Usage:

• In more complex discussions, you might talk about the "approval" or "denial" of a loan application, which refers to whether the bank agrees to lend the money or not.
• You could also discuss the "loan application process," which includes all the steps involved from submitting the application to receiving the funds.

Word Variants:

• Loan (noun): The money borrowed.
• Apply (verb): The act of making a request for something, like a loan.
• Application (noun): The form or document used to make a request.

Different Meanings:

• While "loan application" specifically refers to borrowing money, "application" on its own can also refer to any request or use of something (e.g., an application for a job).

Synonyms:

• Borrowing request
• Credit application
• Financing request

Idioms:

• "Get in over your head" - This means to take on more debt or responsibility than you can handle, which can relate to taking out loans.

Phrasal Verbs:

• "Pay off" - to completely repay a loan or debt.
• "Take out" - to borrow money (e.g., "I want to take out a loan for my education.").

Summary:

A "loan application" is an important document for anyone looking to borrow money.

Academic

Noun

1. an application to borrow money