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TeachMeFinance.com - explain passbook loan passbook loan -- a loan secured by funds in a savings account on deposit with the same institution originating the loan. The pledged funds may not be withdrawn during the life of the loan. Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.