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personal loan

[ pur-suh-nl lohn ]
/ ˈpɜr sə nl ˈloʊn /
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noun Finance.

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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Origin of personal loan

First recorded in 1850–55
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2021

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