consumer loan

Definition

A secured or unsecured loan with fixed terms issued by a bank or financing company that may be used for any purpose but is typically tied to the purchase of a specific item. Unsecured loans are issued based on the creditworthiness of the borrower while secured loans are collateralized by the personal property of the borrower.

Use consumer loan in a sentence

The consumer loan had come due for its first payment so we sent the demand letter out to the customer.

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You should always shop around when you will be taking out a consumer loan and try to get the best rate you can.

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When I wanted to buy a car but I did not have the money to do it, I went to a bank and talked with the teller about the option of a consumer loan.

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