personal loan

[ pur-suh-nl lohn ]

noun

, Finance.

1. a loan made for discretionary use typically to a person with a high credit score who is generally not asked to provide collateral to back up the loan. A personal loan may be used for almost any purpose, such as consolidating credit card debt, making home improvements, or making a major purchase.

   She got a personal loan so she could take time off from work and go on a round-the-world cruise.

Word History and Origins

Origin of personal loan¹

First recorded in 1850–55

Example Sentences

I've fifteen thousand left from the sale of bonds and a personal loan I obtained from McDonnell.

From Project Gutenberg

She needn't regard the money he put up as in any sense a personal loan to her.

From Project Gutenberg