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savings and loan association
01
an organization that lends money to people for buying a house or pays interest on the money that they save there
Example
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.
