Review:
Personal Loans
overall review score: 4
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score is between 0 and 5
Personal loans are unsecured loans given to individuals for various personal expenses, such as medical bills, home renovations, or debt consolidation.
Key Features
- Flexible loan amounts
- Fixed or variable interest rates
- Repayment terms typically range from 1 to 7 years
- No collateral required
Pros
- Can be used for a variety of personal expenses
- No collateral required
- Flexible repayment terms
Cons
- Higher interest rates compared to secured loans
- Risk of accumulating debt if not managed properly