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A personal loan is an amount – usually up to around $100,000 – that you borrow from a bank, credit union or lending institution as a lump sum or line of credit.
The loan amount is then repaid over the term of the loan, which is often up to seven years. The repayment amounts generally include interest charges expressed as an interest rate so you pay back more than you initially borrowed.
There are many reasons why personal loans are used. A few of those reasons include:
Because there are so many different reasons why people use personal loans, there are different types of personal loans to suit people's individual needs.
When choosing a personal loan, its important to understand and choose features that suit your needs.
You are spoiled for choice when it comes to choosing a loan so be sure to check that the features of a loan suit your needs. The cheapest option might not always be best if it doesn’t include the features you are wanting.