Definition

Noun: 1. A financial institution or office specializing in lending money: A place where money is borrowed and repaid, often involving formal agreements and negotiations. 2. A pawnbroker's shop: A shop where individuals can obtain a loan by offering personal property as security (collateral).

Usage

• The primary meaning refers to a place, such as a bank department or a dedicated company, that handles the business of providing and managing loans.
• The secondary, more specific meaning is a pawnshop, where loans are secured by tangible items like jewelry or electronics.

Examples

• As a financial office:
  • She went to the loan office at the bank to discuss a mortgage for her new house.
  • The small business secured funding from a commercial loan office.
• As a pawnshop:
  • He took his watch to the loan office to get some quick cash before payday.
  • The loan office on the corner holds a variety of items pledged as security for loans.

Advanced Usage

• The term can sometimes be used historically or formally to refer to government or charitable institutions established to provide credit.
  • During the depression, the town set up a loan office to help struggling farmers.

Variants and Related Words

• Loan (n/v): The sum of money borrowed or the act of lending it.
• Lender (n): The person or institution that provides a loan.
• Pawnshop (n): A more common modern synonym for the second meaning.
• Credit union (n): A member-owned financial cooperative that provides loans (related to the first meaning).

Synonyms

• For meaning 1 (financial office): lending department, credit office.
• For meaning 2 (pawnshop): hock shop, pawnbroker's.

Related Phrases

• To take out a loan: To borrow money from a lender.
  • They plan to take out a loan for their daughter's education.
• To secure a loan: To obtain a loan, often by providing collateral.
  • He used his car as collateral to secure a loan.

Noun

1. an office where loans are negotiated and repaid
2. a shop where loans are made with personal property as security