personal loan
personal loan
A personal loan is an amount of money you borrow to use for a variety of purposes. For instance, you may use a personal loan to consolidate debt, pay for home renovations, or plan a dream wedding. Banks, credit unions, and online lenders can offer personal loans. The money you borrow must be repaid over time, typically with interest. Some personal loan lenders may also charge fees for their loans.
A personal loan allows you to borrow a lump sum of money to pay for a variety of expenses and then repay those funds in regular payments, or installments, over time. For example, you might use a personal loan to cover.
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Types of Personal Loans
Personal loans may be secured or unsecured. A secured personal loan requires some type of collateral as a condition of borrowing. Comparing the rates for secured loans from the best lenders is advisable. For instance, you may secure a personal loan with cash assets, such as a savings account or certificate of deposit, or with a physical asset, such as your car or boat. If you default on the loan, the lender could keep your collateral to satisfy the debt.
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An unsecured personal loan requires no collateral to borrow money. Banks, credit unions, and online lenders can offer both secured and unsecured personal loans to qualified borrowers. Banks generally consider the latter to be riskier than the former because there’s no collateral to collect. That can mean paying a higher interest rate for a personal loan.
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