Personal loan

A “Personal loan” is a type of unsecured loan offered by banks, credit unions, and online lenders that allows individuals to borrow a fixed amount of money for various personal expenses. Unlike mortgages or auto loans, personal loans can be used for a variety of purposes such as debt consolidation, home improvements, medical bills, or unexpected expenses. They typically have fixed interest rates and repayment terms, making budgeting easier for borrowers. Personal loans usually do not require collateral, but approval depends on the borrower’s creditworthiness and financial situation.