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Personal Loan

A personal loan can help you cover a range of expenses, from debt consolidation to home renovations and more.

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.

How a Personal Loan Works

A personal loan allows you to borrow a lump sum to cover various expenses and repay it over time in installments. Common uses for a personal loan include:

  • Moving expenses
  • Debt consolidation
  • Medical bills
  • Wedding expenses
  • Home renovations or repairs
  • Funeral costs
  • Vacation costs
  • Unexpected expenses

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