What a personal loan costs you

Personal loans are a way to use tomorrow’s income today and unlike other loan products like to buy a home or pay for school, the process involved is simple.

In fact, if you already have an account at a bank, you will come across many offers for a personal loan. While these are easy to obtain and offer near-instant gratification, you must be aware that the interest rates are much higher than for a car loan, for example. This is because personal loans are unsecured loans. This means that the loan is not secured by any assets; you don’t need to give any assets like property or gold to be able to get a loan.


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