loan-term

Vocabulary Word

Definition

A 'loan-term' is the period of time that a borrower has to repay a loan. For example, a 30-year home loan has a loan-term of 30 years.

Examples in Different Contexts

In banking, 'loan-term' refers to the duration over which a loan must be repaid. A bank manager might explain, 'Your loan-term is 30 years, meaning you have 30 years to pay back the mortgage.'

Practice Scenarios

Tech

Scenario:

Our customers appreciate the loan comparison feature, but also seek transparency about repayment options.

Response:

Absolutely! We should add more clear information about loan-terms and repayment options in the app.

Business

Scenario:

Our equipment investment is substantial, and the repayment schedule will have a significant impact on our cash flow.

Response:

You're right. We need to outline a suitable loan-term for equipment finance that doesn't strain our cash flow.