Definition

1. Noun:
   • A loan that is payable on or before a specified date. The key characteristic is that the entire principal amount is due for repayment at a single, predetermined point in the future, rather than being repaid in installments over time.

Usage

• The term "time loan" is used primarily in formal or financial contexts to describe a specific type of credit agreement. It contrasts with installment loans or revolving credit.
• It functions as a countable noun (e.g., a time loan, several time loans).

Examples

• Noun:
  • The business secured a time loan from the bank to purchase new equipment, with the full amount due in one year.
  • Unlike a mortgage, a time loan typically requires a single "balloon" payment at maturity.

Advanced Usage

• "Callable time loan": A time loan where the lender has the right to demand full repayment before the specified maturity date under certain conditions.
  • The contract for the callable time loan allowed the bank to recall the funds if the company's financial health deteriorated.

Variants and Related Words

• Term Loan: A very common synonym for "time loan," often used interchangeably in business finance.
• Balloon Loan: A specific type of time loan where only interest payments are made during the loan term, with the entire principal due at the end.
• Demand Loan: The opposite of a time loan; a loan payable in full whenever the lender demands repayment, with no fixed maturity date.

Synonyms

• Term loan
• Loan with a fixed maturity

Antonyms

• Demand loan
• Installment loan
• Revolving credit

Noun

1. a loan that is payable on or before a specified date