Personal loans are the broadest type of loan category and typically have repayment terms between 24 and 84 months. They can be used for just about anything except for a college education or illegal activities. People commonly use personal loans for things like:
Vacations
Weddings
Emergencies
Medical treatment
Home renovations
Debt consolidation
Relocating to a new city
Computers or other pricey electronics
Personal loans generally come in two forms: secured and unsecured. Secured loans are backed by collateral—such as a savings account or a vehicle—that a lender can take back if you don’t repay your full loan amount.
Unsecured loans, on the other hand, require no collateral and are backed by your signature alone, hence their alternate name: signature loans. Unsecured loans tend to be more expensive and require better credit because the lender takes on more risk.
Applying for a personal loan is easy, and typically can be done online through a bank, credit union or online lender. Borrowers with excellent credit can qualify for the best personal loans, which come with low interest rates and a range of repayment options.
All the Lorem Ipsum generators on the Internet tend to repeat predefined chunks as necessary, making this the first true generator on the Internet.