Personal Loan

A personal loan is a fixed-term loan that is often unsecured and used for general purposes. Borrowers repay the loan in equal installments over the term.

Personal loan rates depend on credit score, income, and debt levels, and are influenced by interest terms. Some personal loans are secured, but many are not. Many personal loans are unsecured loans and may require a co-signer.

Related Terms

Unsecured Loan

An unsecured loan is not backed by collateral and relies on the borrower's creditworthiness. Lenders...

Credit Score

A credit score is a numerical rating that represents a person's creditworthiness based on their cred...

Interest

Interest is the cost of borrowing money or the return earned on deposited funds, typically expressed...

Principal

Principal is the original amount of money borrowed in a loan or the original amount invested. It doe...

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