time-loan
Definition
Noun: A "time-loan" is a type of loan that must be repaid by a specific, predetermined date or within a fixed period of time, rather than being repayable on demand.
Usage Examples
- (A loan with a fixed repayment term.)
- (A loan with a specific due date.)
Advanced Usage
"Time-loan agreement": a legal contract specifying the duration and repayment terms of such a loan.
- The time-loan agreement stated that failure to pay by the due date would incur penalties. (The contract for a fixed-term loan.)
"Short-term time-loan": a time-loan with a duration of less than one year.
- For urgent expenses, a short-term time-loan is often easier to arrange. (A loan repayable within a year or less.)
Variants and Related Words
- Time-loan (n): the standard compound noun.
- Time deposit (n): a similar financial product where money is deposited for a fixed period and cannot be withdrawn early without penalty.
- A time deposit is like a time-loan, but from the perspective of the saver. (A fixed-term savings account.)
Synonyms
- Fixed-term loan: a loan with a set repayment period.
- Term loan: a loan that is repaid in regular installments over a set period.
- Installment loan: a loan repaid in fixed payments over time.
Related Idioms
- "time is money" — emphasizing the financial value of a fixed repayment schedule.
Phrasal Verbs
- "take out" "to take out a time-loan" means to obtain such a loan.
- She took out a time-loan to cover her tuition fees. (She obtained a fixed-term loan.)