Define: Unsecured Credit

UK Accounting Glossary

Definition: Unsecured Credit


Quick Summary of Unsecured Credit


Credit extended only on the basis of the debtor’s promise to repay, without any collateral security.



What is the dictionary definition of Unsecured Credit?

Dictionary Definition


An unsecured creditor is a person who is owed money by an organisation but who hasn’t arranged that in the event of non-payment specific assets would be available as a fund out of which that person could be paid in priority to other creditors.


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Cite Term


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Page URL
https://payrollheaven.com/define/unsecured-credit/
Modern Language Association (MLA):
Unsecured Credit. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. March 30, 2020 https://payrollheaven.com/define/unsecured-credit/.
Chicago Manual of Style (CMS):
Unsecured Credit. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/unsecured-credit/ (accessed: March 30, 2020).
American Psychological Association (APA):
Unsecured Credit. PayrollHeaven.com. Retrieved March 30, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/unsecured-credit/

Definition Sources


Definitions for Unsecured Credit are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 4th May 2019.