joint-loan

Vocabulary Word

Definition

A 'joint-loan' is a loan taken out by two or more individuals together. All borrowers are equally responsible for repaying the loan, much like a team sharing the work to reach the same goal.

Examples in Different Contexts

In Credit Analysis, 'joint loan' assessment involves evaluating the creditworthiness of all parties on the loan. A credit analyst might explain, 'We carefully review the financial stability and credit history of both applicants to determine the terms of the joint loan.'

Practice Scenarios

Finance

Scenario:

Seeking a new house can be exciting, but securing the necessary funding can prove challenging, especially with current financial constraints.

Response:

My spouse and I were actually thinking of applying for a joint-loan for our house purchase.

Business

Scenario:

Our restaurant's initial set up cost is quite high. We might need additional capital to kickstart the project.

Response:

How about we consider taking a joint-loan for our startup costs?