A personal loan is a type of unsecured loan that allows individuals to borrow a fixed amount of money from a bank or financial institution, without providing any collateral. The loan is repaid over a fixed period of time, typically ranging from 12 months to 60 months, with interest and fees.
In conclusion, a personal loan can be a useful tool for financing various expenses such as home improvements, medical bills, or debt consolidation. It is important to compare rates and terms from multiple lenders and choose a loan that fits your financial situation. Remember to make timely payments to maintain good credit and avoid penalties.