LSDefine

Simple English definitions for legal terms

closed-end loan

Read a random definition: business-to-consumer e-commerce

A quick definition of closed-end loan:

A closed-end loan is a type of loan where you borrow money and have to pay it back by a certain date. You get all the money at once to buy something specific, like a house or a car. If you don't pay the loan back on time, the lender can take the thing you bought. This is different from an open-ended loan, like a credit card, where you can borrow money multiple times without a specific date to pay it back.

A more thorough explanation:

A closed-end loan is a type of loan that has a specific date by which the borrower must repay the entire loan amount along with interest. These loans are usually given all at once to help the borrower purchase or achieve a specific thing. If the borrower fails to repay the loan, the lender may gain the right to possess the item that was purchased with the loan.

Unlike open-ended loans, which allow borrowers to borrow multiple times without a specific repayment date, closed-end loans have a fixed repayment date. Examples of closed-end loans include:

Home mortgage loans
Car loans
Appliance loans

For example, if someone wants to buy a car but doesn't have enough money to pay for it upfront, they might take out a closed-end car loan. The lender would give them the entire loan amount at once, and the borrower would have a specific date by which they must repay the loan and interest. If they fail to do so, the lender may repossess the car.

closed shop | closely held corporation

General

General chat about the legal profession.

General >T14 Off Topic

👍 Chat vibe: 0 👎

ParallelAgreeableOrangutan

19:25

Hi llama!!

llama

21:15

@ParallelAgreeableOrangutan: How are you!

ParallelAgreeableOrangutan

22:02

tbh kinda losing my mind, I'm visiting my parents in my childhood home and whenever I do this I remember why I never do this aahhaha

ParallelAgreeableOrangutan

22:02

My dog likes it here tho

ParallelAgreeableOrangutan

22:02

How are youuuuu?

llama

22:26

@ParallelAgreeableOrangutan: Deep/tough. Feels. Im well working on a project so im happy :)

NemoPropheta

22:28

should i hit the dmt pen in the sauna and meet god

ParallelAgreeableOrangutan

22:31

Ooh what kind of project? Work, passion, neither, both?

ParallelAgreeableOrangutan

22:31

@NemoPropheta: do it do it

NemoPropheta

22:37

alright day before my lsat ill hit a blinker in the sauna and become one with the test

llama

22:47

@ParallelAgreeableOrangutan: law school data so just passion.

llama

22:47

@NemoPropheta: noo they drug test before the LSAT! U will get flagged!

ParallelAgreeableOrangutan

23:19

I'm intrigued llama

ParallelAgreeableOrangutan

23:21

Holdddddup all that number crunching on your lsd profile is your work? Damn

ParallelAgreeableOrangutan

23:21

I don't visit y'all's profiles enough, clearly

NarrowFaithfulCougar

0:22

@NemoPropheta: Ahh yeah, the Sauna. That's some good Nordic shit. Beats the hot tub hands down. Plus everyone is naked.

llama

1:23

@ParallelAgreeableOrangutan: got that weaponized autism in gear, we out here.

RasheedWallaceFan

12:52

@llama: your cycle confuses me, your stats are good and you applied early but all of those Rs? Is there anything weird about your app?

RasheedWallaceFan

12:53

do you have C&F issues or something?

RasheedWallaceFan

12:55

also ur first choice is kansas but you didnt apply there?

llama

12:55

@RasheedWallaceFan: Hi. Yes, I waited for April LSAT, put almost all apps (which were sent really early) so that basically most of my apps were reviewed In May. Shot myself in the foot for 155 -> 161 lmao. Would not recommend 10/10

llama

12:57

@RasheedWallaceFan: unironically, KSLS was my top choice, however by April LSAT their app had closed. It was like waiting to date ur dream partner, but waiting until you graduate uni, then by the time u graduate uni, your soul mate is already married with 2.4 kids and 1.6 dogs. Heartbreak.exe fr fr

NemoPropheta

12:58

are you R&Ring?

llama

13:00

No, I think what I will do is flip a coin: heds NKU, tails NEL|B what u guys think bout dat. Then once 1L - if good at LS, try to transfer, if bad at LS or one of my grandiose ideas/inventions are viable, drop out and pursue.

RasheedWallaceFan

13:10

oh so you submitted the apps with a lower lsat and then retook

RasheedWallaceFan

13:10

got it

Bettercaulsaul

13:33

Most schools will hold your application for the next test score to be released into your account as well. I was notified by an admissions director that if a decision is processed they will not retroactively go back for the new score even if higher

ParallelAgreeableOrangutan

13:34

I vote NEL-Boston so we can be friends :D

ParallelAgreeableOrangutan

13:34

But it says you withdrew?? :(

ParallelAgreeableOrangutan

13:41

@Bettercaulsaul: in my experience, there is often an option on the application for you to choose whether you'd like them to review your application as-is ASAP or hold it until your new score is released. but it probably varies by school—I just remember seeing that option on at least a few app forms

LSD+ is ad-free, with DMs, discounts, case briefs & more.