Consumer Loan Granted for personal (medical), Family (education, vacation), or household (extension, repairs, purchase of air conditioner, computer, refrigerator, etc.) use, as opposed to business or commercial use. Such loans are either unsecured, or secured by the assest purchased or by a co-signor (gurantor). unsecured loans (called signature loans) are advanced on the basis of the borrower credit History and ability to repay the loan from personal income. Repayment is usually through fixed amount installments over a fixed term. Also called consumer loan.
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