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nonpurpose loan

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Nonpurpose loan
A loan with securities pledged as collateral, but which is not to be used in securities trading or transactions.
nonpurpose loan
A loan that uses securities as collateral, with proceeds from the loan being used to purchase something other than additional securities. A person may prefer a nonpurpose loan over a regular installment loan because of the lower interest rate. Nonpurpose loans are not subject to margin requirements as regular margin loans are. Compare purpose loan.
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