What is a personal loan?

[empire1]

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?

 

[mmeyjvcp]

A personal loan can be one taken from friends, family members, or others personally know you (and not a institution in my mind) - unless you mean one that is taken out personally by you.

I think even if it's not an official loan (when taken from friends/family), it should still be repaid at a given number and within a respectable timeframe for the amount taken out. Can't tell you how many people I know that never repay money that was given to them as a loan or "borrowed".

 

[Good-Person]

I think personal loans refer to loans that are borrowed for the purpose of achieving some sort of personal goals. For example, one can borrow money for marriage purpose, pay house rent, etc. It is different from business loans where you tend to borrow money for financial and commercial purpose.

 

[kayode10]

A personal loan is a type of loan which you obtain in order to do some basic things for yourself. I don't believe in taking loans because it is one of the way of creating a financial mess for yourself. I believe in saving up the amount I need for a project or sources from friends and family.

 

[Grandeur]

From the word personal, a personal loan is a loan collected by an individual for an individual reason like school fee, bill payments, another loan repayments etc

 

[Kunkun]

Well personal loans are loans an individual collects basically for personal reasons such as attending to the basic needs, and it's usually collected form friends and family

 

[Grandeur]

Many of those financial institutions app available on campus for students is an example of personal loan apps because they only provide little amounts of money just for student upkeep.

 

[Kaffyfolla]

In finance, a loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations etc. The recipient incurs a debt and is usually liable to pay interest on that debt until it is repaid as well as to repay the principal amount borrowed

 

[kayode10]

Personal loan is a type of loan in which you are required I want to business loan. This loan you are required to finance a personal project that is outside the business. Some people are using personal loan just to go on vacation and this is very bad. You should be taken to acquire assets.

 

[Adegbe12]

Loan is a financial assistance to help an individual supporting his or her business. Loan can be assist from bank, individual or from a government organization. Loan help business to grow.

 

[Lens]

Personal loan is the loan given to individuals inorder to solve basic needs. This type of loan is the easiest loan that one could obtain. It's readily available and it's not always a long-term loans.

 

[tyrim88]

From the terms of what i can understand about personal loans,it is a type of loan one can take inother to fulfill or take care of his personal needs,and that can be done through various means from family to friends or even financial institution.

 

[HayKay]

Personal loans are usually taken out to sort out immediate pressing needs that's why there's a limit or should I say range that one can get which is usually calculated with respect to your personal income.
I've taken out some loans in the past and struggled to pay the first one I took though.

 

[glitch]

Personal loans are ones you can use for what you need. Not all banks offer them. People tend to use personal loans to cover medical costs, car repair, and home repairs that are under $10k.

 

[Busybee]

Personal loans are nothing but convenience loans that are meant for short-term needs or emergencies. But these loans attract higher interest rates as they are classified as collateral-free loans hence they are risky investments for banks and the banks charge a higher interest rate for these kinds of loans. Would always advise not to depend upon personal loans, instead would advise people to go help from friends and relatives.

 

[LadAckerman]

This is how understand personal loan. Personal loans are a form of installment credit. Unlike a credit card, a personal loan delivers a one-time payment of cash to borrowers. Then, borrowers pay back that amount plus interest in regular, monthly installments over the lifetime of the loan, known as its term.

 

[Holluwaphemmy]

A personal loan is the act of borrowing money from your personal savings to stop the money borrowed from work in safe to meet another need but because the need you should meet is urgent and higher on the scale of preference then you decide to borrow out of the money in the savings which was meant to meet another need initially.

 

[HK World]

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 an amount of money you can borrow to use for a variety of purposes. For instance, you may use a personal loan to consolidate debt, pay for home renovations, or plan a dream wedding.

Personal loans can be offered by banks, credit unions, or online lenders. The money you borrow must be repaid over time, typically with interest. Some lenders may also charge fees for personal loans.

 

[Good-Person]

A personal loan is a type of loan which you obtain in order to do some basic things for yourself. I don't believe in taking loans because it is one of the way of creating a financial mess for yourself. I believe in saving up the amount I need for a project or sources from friends and family.

Personal loans are also obtained for marriage purposes, too. There are many people in here who tend to borrow money so that they could get married as marriage requires a lots of expenditure.

 

[Billy]

According to me, a personal loan is a way for people to get the money they need when they don't have it. It's like a loan from your friend without the awkward "IOU" slip that you have to give them later.

It's also a great way to build credit if you've never had credit before. You can get a small loan at first and pay it back on time so that the lender can see that you're responsible, then build up your credit score by taking out larger loans later on.

And it's especially helpful if you want to buy something expensive but don't want to get a car loan or mortgage because of how much interest those things cost over time (which is why I don't have one myself).