Personal 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
- She applied for a personal loan to finance her wedding expenses, hoping the bank would grant it based on her good credit score.
- The company offers personal loans up to $50,000 to its employees, with repayment options spanning several years.
- Taking out a personal loan can be a viable option to cover unexpected medical bills or car repairs.
- Before applying for a personal loan, make sure you understand the interest rates and repayment terms.
- After being rejected by multiple banks, he finally found an online lender willing to offer him a personal loan.