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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 provided low-interest loans to help fund the construction of affordable housing developments in the area.
Members of the community pooled their savings to establish a local savings and loan association to provide affordable loans to small businesses.
Depositors trusted the stability of the savings and loan association, knowing that their savings were insured by the Federal Deposit Insurance Corporation (FDIC).
The savings and loan association offered competitive interest rates on mortgages for first-time homebuyers.
