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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.

Synonyms

  • Consumer Loan

Hyponyms

  • Car Loan
  • Auto Loan
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