PERSONAL LOANS

Personal loans are financial products offered by banks, credit unions, or online lenders that allow individuals to borrow a fixed amount of money for various purposes, such as debt consolidation, home improvements, or unexpected expenses. Unlike specific-purpose loans like auto loans or mortgages, personal loans can be used at the borrower’s discretion. They typically have fixed interest rates and repayment terms, with monthly payments spread over a specified period, usually ranging from one to seven years. Personal loans may require a credit check and proof of income to determine eligibility and terms. They provide flexibility and quick access to funds but require responsible repayment to avoid financial strain and maintain good credit standing.