11:46
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Simple English definitions for legal terms
Read a random definition: laws of the several states
A consumer loan is a type of loan that is given to an individual for personal, family, household, or agricultural purposes. It is usually governed by truth-in-lending statutes and regulations. The borrower is required to pay back the loan amount with interest over a specified period.
Examples:
These examples illustrate how a consumer loan is used for personal or family purposes and must be paid back with interest over time.