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

Worldwide, any app offering personal loans on Google Play has to just set its category to finance and clearly disclose data about the period of repayment, interest rates, fees, privacy policy, and more.

From Quartz

One is a point-of-sale loan, which is essentially a personal loan with payments spread over months or years.

From Quartz

Grab Financial offers drivers micro-insurance in Malaysia and personal loans in the Philippines.

From Ozy

With your permission, we’re going to give you the power of that data so you can get access to the best financial products that are right for you at the lowest rates—credit cards, personal loans, home loans, auto loans, home and auto insurance.

From Fortune

“Due to a technical error, some personal loan customers were incorrectly charged,” American Express said in a statement.

From ProPublica

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