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Commodate vs. Loan — What's the Difference?

Commodate vs. Loan — What's the Difference?

Difference Between Commodate and Loan

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Commodate

A commodate (commodatum), also known as loan for use, in civil law and Scots Law is a gratuitous loan; a loan, or free concession of anything moveable or immoveable, for a certain timeframe, on condition of restoring again the same individual after a certain time. It is a kind of loan, or contract, with one difference: the commodate is gratis, and does not transfer the property; the thing must be returned in essence, and without deterioration, so that things which consume by use, or time, cannot be objects of a commodate, but of a loan, because although they may be returned in kind, they cannot in identity.

Loan

In finance, a loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations etc. The recipient (i.e., the borrower) incurs a debt and is usually liable to pay interest on that debt until it is repaid as well as to repay the principal amount borrowed.

Commodate

A gratuitous loan.

Loan

An instance of lending
A bank that makes loans to small businesses.

Commodate

A gratuitous loan.
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Loan

A sum of money that is lent, usually with an interest fee
Took out a loan to buy a car.
Repaid the loan over five years.

Loan

The agreement or contract specifying the terms and conditions of the repayment of such a sum.

Loan

The repayment obligation associated with such an agreement
She couldn't afford the loan after losing her job.

Loan

The right to payment associated with such an agreement
A bank that buys consumer loans.

Loan

The state of being lent for temporary use
A painting on loan from another museum.

Loan

To lend (money or property).

Loan

An act or instance of lending, an act or instance of granting something for temporary use.
Because of the loan that John made to me, I was able to pay my tuition for the upcoming semester.

Loan

A sum of money or other property that a natural or legal person borrows from another with the condition that it be returned or repaid over time or at a later date (sometimes with interest).
All loans from the library, whether books or audio material, must be returned within two weeks.
He got a loan of five thousand pounds.

Loan

The contract and array of legal or ethical obligations surrounding a loan.
He made a payment on his loan.

Loan

The permission to borrow any item.
Thank you for the loan of your lawn mower.

Loan

(Scotland) A lonnen.

Loan

To lend (something) to (someone).

Loan

A loanin.

Loan

The act of lending; a lending; permission to use; as, the loan of a book, money, services.

Loan

That which one lends or borrows, especially a sum of money lent at interest; as, he repaid the loan.

Loan

To lend; - sometimes with out.
By way of location or loaning them out.

Loan

The temporary provision of money (usually at interest)

Loan

A word borrowed from another language; e.g. `blitz' is a German word borrowed into modern English

Loan

Give temporarily; let have for a limited time;
I will lend you my car
Loan me some money

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