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A personal loan is an amount of money a lender agrees to loan an individual for personal use. Lenders include banks, credit unions, private loan companies, and trust companies.
Be sure to consider all your options and compare terms and rates. Comparewise can help you in this regard by providing you with multiple quotes to compare and analyze.
A personal loan comes in handy when faced with urgent or unexpected expenses. Some examples include annual tuition fees, car repair costs, or expenses related to a medical emergency. You might also need financing for a planned event such as a wedding or renovating your home.
In the case of individuals at risk of filing for bankruptcy, or those unable to afford regular everyday expenses, a personal loan could lighten the load. If you are struggling to pay off an existing debt you could apply for a personal loan to consolidate the debt into one, more affordable payment.
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.