savings and loan association
1
an organization that lends money to people for buying a house or pays interest on the money that they save there
- The savings and loan association offered competitive interest rates on mortgages for first-time homebuyers.
- During the 1980s, many savings and loan associations faced financial difficulties due to risky lending practices and deregulation.
- Members of the community pooled their savings to establish a local savings and loan association to provide affordable loans to small businesses.
- The savings and loan association provided low-interest loans to help fund the construction of affordable housing developments in the area.
- Depositors trusted the stability of the savings and loan association, knowing that their savings were insured by the Federal Deposit Insurance Corporation (FDIC).
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