A loan used by brokerage firms to maintain margin accounts or finance underwriting that is repayable on demand at any time.

Also known as a call loan, broker call loan, or demand loan. The interest rate on a callable loan, known as the call loan rate, is calculated daily. It is quoted daily in newspapers as a money market indicator, and is usually a percentage point or so higher than short-term rates such as the federal funds rate or Treasury bill note. Securities are used as collateral for callable loans.