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.
unsecured loan is in the Accounting & Auditing and Banking, Commerce & Finance subjects.
unsecured loan appears in the definitions of the following terms: character loan, negative pledge, red clause letter of credit (L/C), other people's money (OPM), personal loan, exposure and loan
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