A personal loan is a type of loan that is designed to help individuals meet their financial needs.
Personal loans can be used fora wide variety of purposes, including financing a home renovation or
repair project, paying for medical expenses, or covering the cost of a wedding or other large event or
emergencies.
Personal loans are typically unsecured, which means that they do not require collateral, such as a
home or car, to be taken out. Thus, personal loans are mainly based on the borrower's
creditworthiness, income, and other financial factors.
It is important for borrowers to carefully consider the terms and conditions of their personal loans,
including the interest rate, fees, and repayment terms, before taking out a loan. Interest rates and
fees on personal loans can vary widely depending on the lender so it is thus very important to
compare around before signing on the dotted line.