A personal loan is an unsecured installment loan used for various purposes. It has a fixed interest rate, fixed repayment terms, and requires a credit check during the application. Loan amounts vary based on factors like credit history, income, and lender policies. The funds are disbursed quickly, and borrowers repay the loan in fixed monthly installments. The flexibility of prepayment without penalties is often a feature. Consider your financial goals and the loan terms when deciding on a personal loan.
