personal loan

American  

[pur-suh-nl lohn] / ˈpɜr sə nl ˈloʊn /

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.

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Etymology

Origin of personal loan

First recorded in 1850–55

Example Sentences

Dutch bank ABN Amro plans to slash thousands of jobs and sell its personal loans subsidiary as part of its new strategic plan to boost profitability and capital returns in the next three years.

From The Wall Street Journal

Consumer credit includes borrowing using credit cards, personal loans and overdrafts.

From BBC

SoFi also offers personal loans — say, to pay off credit-card debt with a single loan at a lower rate — and those originations now dwarf the ones for student loans.

From New York Times

If you aren’t interested in a balance transfer card, or don’t have the credit score for one, you also can consolidate your credit card debt into a personal loan.

From Seattle Times

Another option is a wedding loan, which is an unsecured personal loan from a bank, credit union or online lender that covers wedding expenses.

From Seattle Times