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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.

Synonyms

  • Personal Loan

Hypernyms

  • Loan

Hyponyms

  • Automobile Loan
  • Car Loan
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