A personal loan is an option if you’re looking to consolidate high-interest debt (credit card debt for instance) or finance a large expense like a home improvement project. Interest rates on personal loans are typically lower than credit cards for borrowers with good credit, and most personal loans are unsecured, meaning they don’t require collateral.

Personal loans are not a good idea to finance discretionary expenses such as taking a month-long vacation…

  • Updated June 22, 2019
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