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

WSJ | Buy Side: See our guide to the best personal loans with a cosigner.

From The Wall Street Journal

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