Purpose loans refer to loans that are specifically requested and used for a particular purpose or objective. These loans are given with a clear intention and agreement on how the borrowed money will be utilized. Full definition
Banks offer general purpose loans, which are to be repaid in 48 to 60 months. (nation21loans.com)
The credit union has a number of special purpose loans for educators, including ones for computer hardware and software purchases, classroom supplies, uniforms and special curricula costs. (lendedu.com)