Loan Approval (Noun)
Meaning
Formal authorization to get a loan (usually from a bank).
Classification
Nouns denoting acts or actions.
Examples
- The bank's loan approval process typically takes several days to complete.
- After reviewing the financial documents, the lender granted loan approval for the small business.
- The couple received loan approval for their mortgage application and were able to purchase their dream home.
- The company's loan approval was contingent on meeting certain financial requirements.
- The loan approval letter outlined the terms and conditions of the loan, including the interest rate and repayment schedule.