How does a personal loan work?

Once a lender approves you for a personal loan, you will receive the amount of money specified in your loan agreement. From there, you will need to make payments to the lender, as specified in the loan terms (I.E.: monthly, weekly, or bi-weekly).

These payments comprise a portion of the amount borrowed, plus interest. Once you have paid the loan amount in full, you can close your account with the lender or consider future loan arrangements.