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Definition of a Personal Consumer Loan

A consumer loan, commonly referred to as a personal loan, is a loan that establishes consumer credit and is usually granted in either a secured or unsecured manner. It is granted based on a consumer's integrity and ability to repay the loan.

  1. Uses

    • Loans are taken out for a variety of different reasons including: education, medical expenses, vacation, and repairs.

    Co-signor

    • If you do not have the necessary credit, or the necessary income to indicate you'd be able to pay back the loan, you can have someone co-sign on the loan to improve your chances at receiving it.

    Payment

    • Payments are usually made on a monthly basis. There is a minimum amount that must be paid each month and often the loan must be repaid over a fixed period of time.

    Interest

    • The lender makes money off the loan by adding interest over the life of the loan. The interest rate can either be fixed or variable, meaning it can change over time.

    Applying

    • All banks give out personal consumer loans. Simply go to your local bank to fill out a personal consumer loan application and talk to a loan officer.

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