
A personal loan is money borrowed from a bank, credit union or online lender that you pay back in fixed monthly payments, or installments, typically over two to seven years. Lender rates can range from 6% to 36% APR. Most personal loans are “unsecured” — not backed by collateral
What is personal loan example?
Personal Loan Categories:
Debt consolidation (other loans, credit cards and more)
Starting a small business.
Home improvement.
Car purchases (though auto loans are usually better)
Car maintenance.
Weddings.
Medical
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