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.

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unsecured loan is...

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Accounting & Auditing
Banking, Commerce, Credit, & Finance

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