Personal Loan

A personal loan is an amount of money you can borrow to use for a variety of purposes. For instance, you may use a personal loan to consolidate debt, pay for home renovations, or plan a dream wedding. Personal loans can be offered by banks, credit unions, or online lenders. The money you borrow must be repaid over time, typically with interest. Some lenders may also charge fees for personal loans.

A personal loan allows you to borrow money to pay for personal expenses and then repay those funds over time. Personal loans are a type of instalment debt that allows you to obtain a lump sum of funding. For example, you might use a personal loan to cover:

• Moving expenses
• Medical bills
• Wedding expenses
• Home renovations or repairs
• Funeral costs
• Vacation costs
• Unexpected expenses