Personal Loan
A personal loan is a type of debt that allows a person to borrow money from a lender and repay it in fixed installments over a set period of time. Personal loans are also known as installment loans or consumer loans.
How it works
The borrower receives a lump sum of money after approval
The borrower pays back the loan in fixed monthly installments
The interest rate, monthly payment, and repayment term are based on the borrower's creditworthiness, income, and other factors
What it can be used for Debt consolidation, Home improvement, Unexpected expenses, Large purchases, and Investing in yourself.
How it's different from other loans
Personal loans are unsecured, meaning they don't require collateral
Unlike a car loan, most personal loans don't require collateral
Personal loans can be more flexible than specific loans like car or home loans
Where to get it
Personal loans can be obtained from banks, credit unions, and online lenders
Go to homepage
