Personal loans are unsecured loans that individuals can use for a variety of purposes, such as consolidating debt, financing a major purchase, or covering unexpected expenses. Here are some key features and details: Key Features: Unsecured: Personal loans typically don’t require collateral, meaning you don’t need to put up an asset (like a car or home) to secure the loan. Fixed Amount: Borrowers can usually take out a specific amount, often ranging from a few hundred to tens of thousands of dollars. Fixed Interest Rates: Many personal loans have fixed interest rates, which means your monthly payments will remain consistent throughout the loan term. Repayment Terms: Loan terms can vary, usually ranging from one to seven years. Borrowers make monthly payments that include both principal and interest. Quick Access to Funds: The application process is often straightforward, and funds can be disbursed relatively quickly, sometimes within a few days. Common Uses: Debt Consolidation: Combining multiple debts into one loan with a potentially lower interest rate. Home Improvements: Financing renovations or repairs. Medical Expenses: Covering unexpected medical bills. Travel or Weddings: Funding special occasions or vacations. Emergency Expenses: Handling unexpected financial emergencies.