unsecured loan

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Unsecured Loan

A loan that is not secured by an asset or lien, but rather by the all issuer's assets not otherwise secured. This means that an unsecured liability carries no collateral; in case of bankruptcy, the bondholder is considered a general creditor. Thus, the bondholder is paid out of funds that do not have a prior claim on them with a secured debt. Like most bonds, an unsecured bond is tradeable. Some unsecured bonds, such as Treasury securities, are considered risk-free.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

unsecured loan

money BORROWED by a company or individual without offering any COLLATERAL SECURITY to the lender.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

unsecured loan

A loan without collateral.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
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