A personal loan is an unsecured form of credit that provides individuals with a lump sum amount to meet various financial needs. Unlike secured loans, personal loans don't require collateral, making them accessible to a broader range of borrowers.
Types of Personal Loan
Standard Personal Loans:
- General-purpose loans for diverse needs.
- No restrictions on how the funds are used.
Specialized Personal Loans:
- Tailored for specific purposes like education, medical expenses, or travel.
- May offer unique terms and conditions.
