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What Is a Personal Loan?
A loan is a fixed amount of money you borrow and repay monthly for a set term period, usually between one and five years. Personal loans are often referred to as unsecured loans as there are typically no assets (collateral) needed to secure the loan.
Collateral is a type of asset that can be taken and sold in order to repay a loan. For example, a home being funded serves as collateral for the loan.
Personal loans are typically approved by lenders based on the borrower's creditworthiness.
When compared to home and car loans, personal loans are fairly simple to apply for. As a result, borrowers use personal loans for a range of things - including large purchases and home repairs.