to redeem a loan meaning, to redeem a loan definition | English Cobuild dictionary

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  ( redeems    3rd person present)   ( redeeming    present participle)   ( redeemed    past tense & past participle  )
1       verb   If you redeemyourself or your reputation, you do something that makes people have a good opinion of you again after you have behaved or performed badly.  
He had realized the mistake he had made and wanted to redeem himself...      V n  
The sole redeeming feature of your behaviour is that you're not denying it.      V-ing  
2       verb   When something redeems an unpleasant thing or situation, it prevents it from being completely bad.  
Work is the way that people seek to redeem their lives from futility...      V n  
Does this institution have any redeeming features?      V-ing  
3       verb   If you redeem a debt or money that you have promised to someone, you pay money that you owe or that you promised to pay.  
FORMAL   The amount required to redeem the mortgage was £358,587...      V n  
4       verb   If you redeem an object that belongs to you, you get it back from someone by repaying them money that you borrowed from them, after using the object as a guarantee.  
Make sure you know exactly what you will be paying back when you plan to redeem the item.      V n  
5       verb   In religions such as Christianity, to redeem someone means to save them by freeing them from sin and evil.  
...a new female spiritual force to redeem the world.      V n  
Translation English Cobuild Collins Dictionary  
Collaborative Dictionary     English Cobuild
A small short-term loan, with very high interest rates, that the borrower promises to repay on or near the next payday. Used by wage earners who run short of cash before payday. Payday lending is an established form of lending in the US and Canada.
Also: payday advance, overnight loan.
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