Personal Loan

Know About Personal Loan

With a personal loan, you can borrow money to consolidate high-interest debt, finance a large purchase or cover emergency expenses. Loan terms are usually less than five years, and amounts typically range from $1,000 to $100,000. The Federal Reserve has held interest rates near zero amidst the pandemic, which can reduce the cost of a personal loan if you can get one.

Borrowers faced stricter lending standards during the coronavirus downturn, but that may soon change as the economy heats up again. Still, if you have strong credit and steady income, finding the best personal loan for your needs at a low interest rate could save you thousands.

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