Personal Loan
Definition
- A loan made for personal, family, or household purposes as opposed to a business loan or a long-term mortgage loan used to finance real estate purchases.
Synonyms
common loan, loan, consumer loan
Related Terms and Acronyms
- Borrow — Definition,
- Sand, gravel or other material used for grading; a slope.
- To get a loan of money.
- Consumer Credit — Definition,
- Loans for personal use as opposed to business or commercial lending. These loans are typically unsecured and not backed by collateral.
- Home Equity Line of Credit (HELOC) — Acronym, Very Important,
- An open-ended loan, paid as revolving debt, that is backed by the equity in the property.
➥ Also known as a Home Line of Credit. - Line of Credit (LOC) — Acronym,
- A commitment by a financial institution to lend up to a specified maximum amount to a customer during a specified period of time.
- Loan — Definition,
- Letting another party use something of value temporarily.
- Unsecured Debt — Definition,
- Debt that is not guaranteed by the pledge of any collateral. Most credit cards are unsecured debt, which is a main reason why their interest rate is higher than other forms of lending, such as mortgages, which employ property as collateral.
- Unsecured Loan — Definition,
- An advance of money that is not secured by collateral.
