What is a Personal Loan?

A personal loan is an unsecured loan that can be used for a variety of purposes, such as consolidating debt, financing a large purchase, or covering unexpected expenses. Unlike secured loans, personal loans do not require collateral.

Types of Personal Loans

• Fixed-Rate Loans: These loans have a fixed interest rate and monthly payments.
• Variable-Rate Loans: Interest rates can fluctuate based on market conditions.

Before applying for a personal loan, it's essential to assess your financial situation and determine how much you can afford to borrow.