consumer loan

  

Definition

An amount of money lent to an individual (usually on a nonsecured basis) for personal, family, or household purposes. Consumer loans are monitored by government regulatory agencies for their compliance with consumer protection regulations such as the Truth in Lending Act. Also called consumer credit or consumer lending.

Use consumer loan in a sentence

  • You should be careful any time you are giving out any consumer loan or it may just end up being a sunk cost.

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  • If you need to borrow money to make some improvements around your home, you might consider a consumer loan which would be like a personalized loan to you.

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  • They finally got their consumer loan and I could see how excited it made them, because they all started to smile at each other.

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