Balloon

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Balloon Loan

A loan or bond in which the borrower makes only interest payments for a set period of time. At the end of the term, the borrower repays the entire principal at once. A balloon loan may be useful when the borrower expects interest rates to be low at the end of the term, allowing him/her simply to refinance the loan. However, there is a high risk of default because not all borrowers actually have the cash to repay an entire loan in one payment. See also: Balloon Mortgage.

Balloon

The loan balance remaining at the time the loan contract calls for full repayment.

References in classic literature ?
This arrangement offered the advantage, that if gas had to be let off, so as to descend, that which was in the outer balloon would go first; and, were it completely emptied, the smaller one would still remain intact.
Moreover, in case of an accident happening to the outside balloon, such as getting torn, for instance, the other would remain intact.
Hence the surface of the outside balloon being about eleven thousand six hundred square feet, its envelope weighed six hundred and fifty pounds.
The consumption of these articles would necessarily, little by little, diminish the weight to be sustained, for it must be remembered that the equilibrium of a balloon floating in the atmosphere is extremely sensitive.
The first time the moonlit clouds were white and dense, and the shadow of the balloon ran athwart them like a dog that followed; afterwards they seemed thinner.
Butteridge's ripped, demolished, and ransacked waistcoat, and hurled it from the balloon whence it fluttered down slowly and eddyingly until at last it came to rest with a contented flop upon the face of German tourist sleeping peacefully beside the Hohenweg near Wildbad.
But as the day wore on and the gas diffused slowly from the balloon, it sank earthward again, details increased, men became more visible, and he began to hear the whistle and moan of trains and cars, sounds of cattle, bugles and kettle drums, and presently even men's voices.
A balloon should come down in an empty open space, and he chose a crowd.
The balloon is furnished besides with a grapnel, and a guide-rope ; which latter is of the most indispensable importance.
"As soon as the balloon quits the earth, it is subjected to the influence of many circumstances tending to create a difference in its weight ; augmenting or diminishing its ascending power.
It is merely a very long rope which is suffered to trail from the car, and the effect of which is to prevent the balloon from changing its level in any material degree.
Osborne's seat, about a mile from Penstruthal, in North Wales ; and at 7 minutes past 11, every thing being ready for departure, the balloon was set free, rising gently but steadily, in a direction nearly South ; no use being made, for the first half hour, of either the screw or the rudder.