Definition
Loan maturity date
Loan maturity date refers to the date on which a borrower’s final loan payment is due.
Once that payment is made and all repayment terms have been met, the promissory note that is a record of the original debt is retired. In the case of a secured loan, the lender no longer has a claim to any of the borrower’s assets.
Loan maturity dates and other payment terms often change, typically as a result of refinancing (i.e., renegotiating the loan) to fund, for example, the purchase of more assets.