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

“There are no contingencies, no foreign sovereign wealth funds, and no stock collateral or personal loans. We are a scaled company with a +$400 billion market cap and a strong investment grade balance sheet.”

From Los Angeles Times

This lending includes things like buy now, pay later arrangements, as well as other kinds of personal loans.

From The Wall Street Journal

Mr Maljian, who had taken out a personal loan to buy the car, was left with nothing, and is still having to pay £236 a month to repay his debt.

From BBC

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

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

From The Wall Street Journal