Personal loan
Cards & borrowingA fixed-term loan where you borrow a set amount and repay it over time.
Overview
Personal loans have fixed monthly repayments and a set end date.
They can be used for many purposes, such as consolidation or major purchases.
Why it matters
- It can help spread costs over time.
- Rates depend on your credit profile.
- Missing payments can harm your score.
FAQs
Is a personal loan better than a credit card?
It depends on your needs, rates, and how quickly you will repay.
Can I repay a personal loan early?
Often yes, but check for early repayment fees.
Related terms
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