From 'Vocabulary' part of The ABC Of Plain Words by Sir E Gowers (1951)

Present-day taste in this country prefers the verb lend, confining loan to the duties of a noun. Loan as a verb went to America with the Pilgrim Fathers and settled there; it is now trying to come back again, but we have done without it for so long that we look on it as something of an outsider.

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