Counting First time Customers

I would like a formula that can put a "true" beside each customer that has a "New Loan" for the first time.


IF CUSTOMER TRAN TYPE = LOAN AND ITS THE FIRST TIME PUT TRUE
IF CUSTOMER IS GETTING A LOAN BUT HAS GOTTEN ONE IN THE PAST PUT FALSE
IF CUSTOMER IS NOT GETTING A LOAN BUT INSTEAD GETTING A "PAY" THEN PUT FALSE


NAME TRAN TYPE TRANS DATE
JIM LOAN 01/01/2011
JON PAY 02/01/2011
KAN LOAN 03/01/2011
TIM PAY 04/01/2011
JIM LOAN 05/01/2011
JON LOAN 06/02/2011
CAN PAY 07/02/2011
TED PAY 08/02/2011
BILL LOAN 09/02/2011
POP LOAN 10/02/2011
ILL LOAN 11/02/2011
DAM PAY 12/03/2011
NAN PAY 13/03/2011
JIM PAY 14/03/2011
JON LOAN 15/03/2011
TED LOAN 16/03/2011
POP LOAN 17/03/2011
ILL PAY 18/03/2011
TIM LOAN 19/03/2011
JIM LOAN 20/03/2011
KAN LOAN 21/03/2011
BILL LOAN 22/03/2011
SILL LOAN 23/03/2011
KILL PAY 24/04/2011
ERT PAY 25/04/2011
TER LOAN 26/04/2011
WER LOAN 27/04/2011
REW PAY 28/04/2011
ILL LOAN 29/04/2011
POP LOAN 30/04/2011
ILL LOAN 01/05/2011
DAM LOAN 02/05/2011
NAN LOAN 03/05/2011
JIM LOAN 04/05/2011
JON LOAN 05/05/2011