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Definitions from the Web

Saving Loan

Noun - Popular

A saving loan refers to a financial product offered by banks or credit unions, allowing individuals to borrow money while simultaneously earning interest on the amount saved. This type of loan encourages saving habits while providing access to credit if needed.

Example Sentence:

By taking out a saving loan, I was able to borrow money for my new car while also earning interest on my savings.

Noun - Local

In some local communities, a saving loan can also refer to a collective savings agreement among individuals or a community. Each member contributes a fixed amount regularly, and the pooled money is then given to a different member each month.

Example Sentence:

Our neighborhood has a saving loan system where we all contribute $100 monthly, and one person gets the total amount each month until everyone has received their share.

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