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LSDefine

Simple English definitions for legal terms

loan association

Read a random definition: covert propaganda

A quick definition of loan association:

A loan association, also known as a savings-and-loan association or S&L, is a type of financial institution that primarily provides home-mortgage loans but also offers other banking services such as checking accounts. It was created to help people with modest resources and income to save money and obtain loans at favorable interest rates. Loan associations were developed by social reformers, philanthropic benefactors, religious and fraternal organizations, trade unions, employers, and thrift entrepreneurs over the last two centuries.

A more thorough explanation:

A loan association, also known as a savings-and-loan association or S&L, is a financial institution that primarily provides home-mortgage loans. It is organized and chartered like a bank and also offers other banking services such as checking accounts.

For example, if you want to buy a house but don't have enough money to pay for it upfront, you can go to a loan association to get a mortgage loan. The loan association will lend you the money to buy the house, and you will pay it back over time with interest.

Loan associations were created to meet the needs of people with modest resources and income who were not served well by commercial banks, money lenders, and pawn shops. They were developed by social reformers, philanthropic benefactors, religious and fraternal organizations, trade unions, employers, and thrift entrepreneurs as a collateral type of banking or financial intermediation.

loan-amortization schedule | loan-brokerage fee

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the whole definition debate is so wild its the same as labels like. as long as its not hurting anyone let ppl do what they want
12:54
end trans privelage
12:54
obviously sarcsm btw
i was furiously typing a response btw
HopefullyInLawSchool
12:55
Ok another hot topic, Global Warming is it real? I think it is and a very important issue
JumpySubsequentDolphin
12:55
aint no way we're debating global warming here
HopefullyInLawSchool
12:55
did yall like my pun?
the ocean is boiling as we speak
yes it is
soapy
12:56
Uhhhm, acktually, i was cold yesterday. take that, silly scientists!!
12:56
@KnowledgeableRitzyWasp: ah ok lol i see. i figured but also i like to give my answer anyway because they're not going to like it whether i say a definition or i don't. might as well share anyway. if i don't share then it seems like i'm not proud and strong in my beliefs
HopefullyInLawSchool
12:56
Hot Topic, Global Warming
12:56
global warming is fake, it was a hoax started by big justice to trick aj and mother of big justice to bring him to costco for more chicken bake
JumpySubsequentDolphin
12:56
i had to wear a jacket yesterday... where is this global warming that the liberals speak of. i would certainly like some
HopefullyInLawSchool
12:56
no one?
HopefullyInLawSchool
12:56
):
@SirEggan: fair enough
i cannot believe big justice aj and the rizzler were on jimmy fallon
u can see he hated them so bad
costco guys is child abuse
HopefullyInLawSchool
12:57
Any Ave Maria waves (Day three of asking)
that child can barely breathe
13:01
lol look at what that does to north atlantic current too
13:02
We are not "not close" to the extinction of all marine life
JumpySubsequentDolphin
13:09
do you guys think the fact that umich and UVA are state schools lowers their prestige status
1a2b3c4d26z
13:10
nawl
1a2b3c4d26z
13:10
Well, maybe, but I don't think it matters all that much
1a2b3c4d26z
13:11
You might run into the occasional bozo who hits you with the "oh wait, you didn't go to an ivy??" but beyond that I think the hiring outcomes are still sweet
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