NEWSLETTERS
A personal loan is a type of unsecured or secured loan that provides borrowers with a lump sum of money to use for various purposes, such as debt consolidation, medical expenses, home improvements, or major purchases. Unlike auto or home loans, personal loans are typically not tied to a specific asset, though secured options may require collateral. They come with fixed or variable interest rates and repayment terms that usually range from a few months to several years. Lenders determine eligibility based on factors like credit score, income, and debt-to-income ratio. While personal loans can offer financial flexibility, it’s important to compare rates and terms to ensure affordability and avoid unnecessary debt.