Personal Loan Law and Legal Definition
A personal loan means something lent for the borrower's temporary use for other than business reasons. It can be a sum of money that is given by one party to another for a limited period of time. The money is to be repaid according to terms of the loan agreement which includes any interest to be charged and a time frame for repayment. The lender has to bear the risk that the borrower may not repay a loan. It also refers to the act of lending.
Legal Definition list
Related Legal Terms
- Accidental Personal Injury
- Accountable Personal Property
- Acquisition and Improvement Loan [Veterans' Relief]
- Acquisition Loan [HUD]
- Acquisition, Development and Construction (ADC) Loan
- Actio Personalis Moritur Cum Persona
- Adjustable Rate Mortgage Loan
- Administrative Cost of Issuing a Loan Guarantee
- Air Loan
- Allowance for Loan and Lease Losses
