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.

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  • The unsecured loan delivered to the individual by the contract was of great benefit to their project which required funding.

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  • Because of my great credit, my bank was able to provide me with stress free unsecured loan to expand my business.

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