A personal loan is a kind of unsecured loan provided to people by financial organisations for their own use. The loan amount is decided based on the borrower's credit rating, income, and ability to repay the loan; it is not secured by any asset. Personal loans may be taken out to cover a range of costs, including home improvements, medical expenses, debt consolidation, education, and other costs. Personal loans often have a fixed interest rate and require monthly payments over a predetermined time period to be paid back. For those who need to fund a major expense or consolidate debt, personal loans might be an excellent option because they don't require collateral and offer flexibility.
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