Personal Loan Definition
An amount of money borrowed from a bank or other lender by an individual.
A loan based on a consumer's income, debt and credit history.
Money lent to an individual by a financial institution for a specific personal purpose except buying a house. One main difference between a personal loan and a home loan is that most personal loans are unsecured.
Loan from someone you know.
A loan obtained by an individual for personal (as opposed to business or investment) purposes. A personal loan may or may not be secured. Also called consumer loan or consumer credit.
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