What is a Personal Loan
In most cases, Personal Loans are unsecured. This means that you don’t need to put collateral to get approved for a loan.
There are, however, secured personal loans, which require you to use a savings account or another asset as collateral in case you default.
Personal loans typically come with fixed or variable interest rates, as well as repayment terms that range from just a few months to up to seven years—though some can go longer.
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