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English definition of “demand loan”

demand loan

noun [C]     (also call loan)
FINANCE a loan which has to be paid back when the lender asks for it, rather than by a particular fixed date: In this demand loan agreement, you will be required to repay the entire outstanding loan amount within 15 days of written demand from the lender.
(Definition of demand loan noun from the Cambridge Business English Dictionary © Cambridge University Press)
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