By the end of it, you'll have a clear understanding of what exactly a personal loan is and whether or not getting one is right for you and your financial situation.
Put very simply, a personal loan is money that you take out from a lender which you'll then repay in monthly installments over the course of 2 to 7 years.
Typically, a personal loan will have a lower rate than other loans so they can be very useful for consolidating multiple sources of your debt into one easy monthly payment.
Despite all of the requirements and factors that your lender will check before giving you a loan, on your end, applying for a personal loan actually isn't that complicated.
The neat thing about personal loans is that you can use them for just about any purpose. As long as your credit is in good standing and the lender approves of your loan, they don't really care how you spend the money.
Like any other form of credit, a personal loan can work to either build your credit score or decrease it. It all depends on how responsible you are with repaying your loan.