Consumer Loan (Noun)
Meaning
A loan that establishes consumer credit that is granted for personal use; usually unsecured and based on the borrower's integrity and ability to pay.
Classification
Nouns denoting possession and transfer of possession.
Examples
- The bank approved her application for a consumer loan to cover the cost of her daughter's wedding expenses.
- He applied for a consumer loan online and was able to get the funds he needed within 24 hours.
- Consumer loans often have higher interest rates compared to other types of loans due to the unsecured nature of the loan.
- To qualify for a consumer loan, applicants typically need to have a good credit score and a stable income.
- The finance company specializes in providing consumer loans to individuals who may not qualify for traditional bank loans.