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

Wider borrowing cost are also likely to be affected, such as the rates on credit cards and personal loans.

From BBC

That includes buy-now-pay-later loans from Affirm, personal loans from LendingClub and Upstart and loans that payments companies like Block and Stripe offer to merchants using their platforms.

From The Wall Street Journal

A personal loan is unsecured debt, so sometimes borrowers have to pay higher interest rates than if the loan were tied to a home or a car.

From MarketWatch

Wiederhorn pleaded guilty to filing a false tax return and releasing a personal loan guarantee in violation of federal pension law.

From The Wall Street Journal

For years, Burkle served as a mentor and a friend, even extending Anderson a personal loan to purchase his home, the complaint alleges.

From Los Angeles Times