A personal loan is a type of unsecured loan that can be used for a variety of purposes, such as consolidating debt, financing a home improvement project, or covering unexpected expenses. Personal loans are typically offered by banks, credit unions, and online lenders, and they can range in amount from a few thousand dollars to several tens of thousands of dollars. The interest rate on a personal loan will vary depending on the lender, the borrower’s creditworthiness, and the loan amount.
Personal loans can be a helpful way to finance a variety of needs, but it is important to compare interest rates and fees from different lenders before choosing a loan. It is also important to make sure that you can afford the monthly payments on the loan.