What is a personal loan?

[Planbizzle]

I get that people can get confused on this matter, yet you, as a single person who may have families that loan is taken by you or an Individual to fulfill his/her personal needs. Repayment can be done through fixed EMI over a fixed term. No guarantor or co-applicant is required.

To you what's is a personal loan? I said in basic above what it comes to terms what it means. Have you ever needed to take out a loan and did you able to pay back or not?

A personal loan is a sort of loan that can be utilized for a number of things, such as debt consolidation, completing a significant purchase, or funding home renovation projects. Most personal loans have defined rates of interest and repayment terms.

 

[Abigael]

I understand personal loan to be the money you borrow in order to spend on personal needs or wants. This amount is always small and will be repaid using your own money since personal loans are not used to yield profits.

 

[Trey]

When you take out a loan for personal needs like buying food, clothes, events and all other direct personal expenses, it is a personal loan.
I strive to make sure that I meet my personal needs without a loan. Not as if I don't take personal loans, it is in extreme ocassions I do so and I payback as soon as I can.

 

[Good-Person]

I understand personal loan to be the money you borrow in order to spend on personal needs or wants. This amount is always small and will be repaid using your own money since personal loans are not used to yield profits.

Personal loans could be any kind of loan that you borrow from anyone. It could be a sort of loan that you borrow from your family or family friends as well in the end.

 

[Nomad]

The money you burrow for financing personal things such as renovating your house, paying for your medical bills, building a garage, buying home appliances, etc. is generally referred to as a personal loan.