Personal loans today are a way to use up tomorrow’s income, 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 received many offers for personal loans. While these are easy to obtain, and provide almost instant gratification, you should note that interest rates are much higher than for car loans. This is because personal loans are unsecured loans. This means that the loan is not backed by any assets; You don’t need to own any assets like property or gold to be able to get the loan.
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