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
loan, common loan, consumer loan

Related Terms and Acronyms

  • Borrow Definition,
    • To get a loan of money.
    • Sand, gravel or other material used for grading; a slope.
  • 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.
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