Personal Loan

A personal loan is a fixed amount of money borrowed from a bank, credit union, or online lender, which you agree to pay back with interest over a set period. It can be used for various purposes like medical expenses, debt consolidation, or home improvements. Typically, personal loans have a clear repayment schedule and fixed monthly payments, making it easier to plan financially. The amount you can borrow depends on factors like your income and credit score. Once approved, the lender disburses the funds quickly, and you repay in installments until the loan is fully paid off.