loan-society
Definition
Noun: A "loan society" is a type of financial organization, typically a building society or credit union, that provides loans to its members, often from pooled savings. It is a cooperative association where members can borrow money at favorable terms.
Usage Examples
- (She became a member of a cooperative financial group to borrow money for a house.)
- (The organization agreed to lend him money for his company.)
Advanced Usage
"to run a loan society": to manage or operate such an organization.
- He has been running the loan society for over a decade. (He oversees the daily operations of the cooperative lending group.)
"member of a loan society": an individual who has joined and contributes to the society's funds.
- As a member of the loan society, she can borrow up to $5,000. (She has access to loans because she belongs to the group.)
Variants and Related Words
- Loan (n): money that is borrowed, typically with interest.
- She took out a loan to buy a car. (She borrowed money from a bank or society.)
- Society (n): an organized group of people with a common purpose.
- The loan society is a type of financial society. (A group focused on lending and saving.)
Synonyms
- Credit union: a cooperative financial institution owned by its members.
- Building society: a financial institution that provides mortgages and savings accounts (common in the UK).
Related Idioms
- "Loan shark": not a direct synonym, but a contrasting term for an illegal lender.
- Unlike a loan shark, a loan society offers fair interest rates. (The society is legitimate and ethical.)