Personal Loan

What is a Personal Loan?

A personal loan is an amount of money you borrow to use for various purposes, such as debt consolidation, home renovations, or even planning a dream wedding. The loan must be repaid over time with interest, and it may come with additional fees depending on the lender.

Key Takeaways

• Personal loans can cover various personal expenses.
• Available from banks, credit unions, and online lenders.
• Can be secured (with collateral) or unsecured (no collateral).
• Interest rates, fees, amounts, and terms vary widely.