Personal Loan
/ˈpɜːrsənəl loʊn/
Definitions
- (n.) A sum of money lent by a financial institution to an individual for personal use, typically unsecured and repayable in installments.
She obtained a personal loan to consolidate her credit card debts.
Forms
- personal loan
- personal loans
Related terms
See also
Commentary
Personal loans are commonly unsecured, making creditworthiness a critical aspect of approval and terms.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.