Review:
Personal Loan Agreements
overall review score: 4.2
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score is between 0 and 5
Personal loan agreements are legal contracts between a lender and a borrower outlining the terms and conditions of a personal loan.
Key Features
- Terms and conditions
- Loan amount
- Interest rate
- Repayment schedule
Pros
- Provides clarity on repayment terms
- Allows for customization based on individual needs
- May offer lower interest rates compared to credit cards
Cons
- Failure to repay can lead to financial consequences
- May require collateral for larger loan amounts