Definition

1. Noun:
   • The action of paying back money that was borrowed: The act of returning money to a lender or creditor, typically according to an agreed schedule.
   • The action of paying back a sum of money received previously: The act of returning an amount of money that was paid to you, such as a refund or reimbursement.
   • A sum of money that is paid back: An individual installment or the total amount returned.

Usage and Examples

• Noun:
  • The loan agreement specifies a monthly repayment of $300. (This refers to the regular payment to settle the debt.)
  • Customers are entitled to a full repayment if the product is faulty. (This refers to the act of returning the purchase price.)
  • Making the final repayment on my student loan was a huge relief. (This refers to the specific sum paid to conclude the debt.)

Advanced Usage

• "in repayment of/for something": as a way of paying back a debt or obligation.
  • He sent a check in repayment of the money I lent him.
• "demand repayment": to formally request that a debt be paid back immediately.
  • The bank can demand repayment of the loan if you breach the terms.

Variants and Related Words

• Repay (verb): To pay back money that is owed.
  • I will repay you next week.
• Repayable (adjective): Required to be paid back.
  • The advance is repayable over six months.

Synonyms

• Reimbursement: Repayment for money spent or lost.
• Refund: A repayment of money, typically to a dissatisfied customer.
• Settlement: The payment of an outstanding debt.

Related Phrases

• Debt repayment: The process of paying back borrowed money.
  • The company's cash flow is dedicated to debt repayment.
• Repayment plan: A schedule for paying back a loan.
  • They agreed on a flexible repayment plan.

Idioms

• "To exact repayment": To forcefully demand that a debt or wrong is paid for.
  • The story is about a villain who exacts repayment for a past insult.

Noun

1. payment of a debt or obligation
2. the act of returning money received previously