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

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.

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Consumer revenue rose 21% to $894 million, boosted by higher Credit Karma revenue on strength in personal loans, credit cards, and auto insurance.

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Customers can get help finding a credit card, personal loan or mortgage, get more personalized answers to tax questions, or estimate their tax refund.

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It would make more sense to take a personal loan, pay off the credit card and live like a monk for the next year or so.

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When money gets tight, many prioritize mortgage payments over credit cards, student loans or personal loans, said Bankrate financial analyst Stephen Kates.

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