Non-Purpose Loan

Categories: Credit

So...most loans have a Thing behind them. A house (mortgage). College (student loans). A car (likely usury from Smilin' Sam's Dealership Group).

But a non-purpose loan is just like, "Eh, I want money. Don't ask why." No purpose. Just a loan. Nothing that it's going toward (and presumably no direct collateral that can be repossessed if you don't pay, either). No purpose. Just the dough, tyvm.

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Find other enlightening terms in Shmoop Finance Genius Bar(f)