Savings And Loan Legal Meaning and Definition

Here is a simplified definition of the legal term Savings And Loan.

Savings and Loan (noun): A type of financial institution, usually overseen by a government agency, which accepts deposits from customers at a higher interest rate. In turn, it lends these deposits out, typically using real estate as collateral. These institutions are purposed to channel the savings of individuals into loans for home purchases, aiding in personal investment and economic growth.