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English definition of “balloon”

balloon

noun [C]
 
 
/bəˈluːn/ FINANCE
a type of loan that is paid back in regular small payments with a final larger payment: What we're seeing are interest-only, balloon mortgages with no money down. Only select a balloon over an adjustable rate mortgage if you are sure that you will be able to meet the final payment.
a balloon payment: Some borrowers may not be informed that balloon payments lurk ahead.
(Definition of balloon noun from the Cambridge Business English Dictionary © Cambridge University Press)
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