Buy Home, purchase the car, pay college fees.
Further Explanation:
Personal Loan is a type of unsecured loan. It helps to meet the current financial needs. A person doesn't need to give their collateral in availing the personal loan. The lender provides the flexibility to use funds as per the person’s need. It serves the solution in management of the traveling cost, wedding expenses, medical emergency, debt consolidation, home renovation. The personal loans are a viable option used in various circumstances. These loans are marked for a specific purpose. A person can buy a home with a mortgage loan, can purchase a car, pay for college with the student loan. The personal loan can be used for anything. The lenders ask the information about where they want the money and also give the legal reason where they want to spend. The person loans need no collateral, but the interest rate is higher. There are secured personal loan if we need to lower the costs. If a person gets the credit card, you can get the personal loan to consolidate the charges.
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Answer Details:
Grade: High School
Chapter: Personal Loans
Subject: Social Science
Keywords:
Unsecured loan, collateral, flexibility, management, wedding expenses, home renovation, specific purpose.
