unsecured loan

  

Definition

Loan extended only on the basis of the borrower's financial position, creditworthiness, credit history, and general reputation. The borrower signs a promissory not but does not pledge any specific asset(s) as collateral. Also called character loan, good faith loan, or signature loan.

Use unsecured loan in a sentence

  • It was an unsecured loan, so I did not know if I would be able to keep it in the future with my current finances falling rapidly.

    Was this Helpful?   (25)   (0)
  • The unsecured loan delivered to the individual by the contract was of great benefit to their project which required funding.

    Was this Helpful?   (25)   (0)
  • Because of my great credit, my bank was able to provide me with stress free unsecured loan to expand my business.

    Was this Helpful?   (25)   (0)
Show more usage examples...

Related Videos




http://www.businessdictionary.com/definition/unsecured-loan.html

Have a question about unsecured loan? Ask for help in the
Community
Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z