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

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.

From The Wall Street Journal

Another option is a wedding loan, which is an unsecured personal loan from a bank, credit union or online lender that covers wedding expenses.

From Seattle Times

As a result, medical debt exceeds credit cards, personal loans and utilities and phone bills combined.

From Seattle Times

For years, the brothers worked full-time jobs, sinking about $300,000 — a combination of salary income and high-interest personal loans — into the project to keep it afloat.

From Los Angeles Times

Rates are often lower than personal loans and credit cards, but your home is collateral for the loan.

From Seattle Times