Personal Loan

A flexible form of credit issued by a bank for personal use, with a fixed interest rate and repayment period.

More Details

A personal loan is a type of unsecured loan that is typically used for personal or household expenses, such as consolidating debt, paying for a vacation, or making home improvements. Personal loans are generally offered by banks, credit unions, and online lenders, and are typically repaid over a fixed period of time, with regular payments of principal and interest.

Example

Imagine that you need to borrow money to pay for a home renovation project. You might consider applying for a personal loan from a bank or credit union.

The lender would review your credit history and financial situation to determine if you are eligible for a loan and, if so, how much they are willing to lend you and at what interest rate. If you are approved for a personal loan, you would receive the funds in a lump sum and would be required to make regular payments to repay the loan, including both principal and interest.

Personal loans can be a useful way to borrow money for personal or household expenses, but it is important to be mindful of the terms of the loan and to make sure that you can afford the regular payments.

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