What is a Personal Loan?
A personal loan is a short term cash loan generally used for a multitude of worthwhile purposes such as paying unpaid bills, paying for unforseen expenses, paying for insurances, paying for registrations, paying for moving house expenses, paying for a holiday, purchase of older used cars or other older used vehicles, home renovations, debt consolidation, paying off other loans.
A personal loan has shorter repayment terms than a home loan, but has longer repayment terms than a payday loan or cash advance loan.
Repayments are made through instalments over a fixed period and most of the time includes a set interest rate.
There are two basic types of personal loans available being unsecured personal loans and secured personal loans.