serviceservice3 verb [transitiveT]1FINANCE to pay a debt, loan etcCardholders are having troubleservicing their debtsto the lender.
2FINANCE if a financial institution services loans, debts etc, it manages them for another company, for example by collecting payments, calculating interest etcWe currently service loans for more than 15 million customers nationwide.
3to examine a machine or piece of equipment and to mend it if necessaryCompaq relies heavily on independent dealers to sell and service its computers.
4COMMERCE to provide a particular service, such as help, advice, transport etcOur customers in Mexico are serviced through a network of independent insurance firms.
—servicing noun [uncountableU]We plan to bring the equipment back to the U.S. for servicing.
Income frommortgage servicing rose sharply.
The company has been increasing itsloan servicing portfolio.