Personal loans are a way to access tomorrow’s income today, and unlike other loan products such as buying a home or paying for education, the process involved is simple.
In fact, if you already have an account with a bank, you must have come across several offers for personal loans. While these are easy to obtain, and offer almost instant gratification, you should note that the interest rates for car loans are very high. This is because personal loans are unsecured loans. This means that the loan is not backed by any asset; You do not have to hold property or any asset like gold to be able to avail the loan.
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