Kinda like your view of grace, huh? A loan, not a gift?
You mean, that He takes it away? No, God is love and love can only give blessings, never expecting anything in return. Due to our Fall, we are mortal, so life is a loan. Like all loans, we are free to spend it as we see fit, but how we spend it may be what we end up with in the end.
One can spend it on himself and waste it, or one may do a lot of good for himself and others with it, serving God, and letting God's light shine in him so thers would know Him.