What is a Personal Loan?

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Overview

  • Small amounts, usually under $35,000
  • Paid back with scheduled payments
  • For unexpected expenses
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Using Personal Loans

Personal Loans are often used as way of consolidating debt, paying off high interest credit cards or even making a big purchase that you have been holding off on.

Personal Loans are no-collateral loans for up to $15,000. These are similar to a line of credit.

Personal Loans are backed by future income, which may be a future paycheck, dividend or any other type of regular income. The term of a Personal Loan is often longer than a Payday or Installment Loan. In the case of a Personal Loan, you can make purchases without saving funds first. It’s called a Personal Loan because you are borrowing a sum of money from a financial institution for personal use. Personal Loans can last for several months and payments are spread out over the term of the loan.

If you find yourself using them as a way of paying for regular bills, you should consider credit counseling, debt-management aid or some other type of assistance. Please use Installment Loans responsibly

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