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What Is a Personal Loan? How It Works

Credit Corp

A personal loan is money borrowed from a lender that can be used for almost any purpose, from debt consolidation to home improvement projects. Most people don’t have $5,000+ sitting in their bank accounts—that’s where personal loans come in. What Is a Personal Loan? Why Would I Need a Personal Loan?

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Fiona Personal Loan Review

Better Credit Blog

Whether you’re making a big purchase or just refinancing some existing debt, a personal loan could help. But comparing loan options could take days — unless you use an online marketplace like Fiona which lets you compare personal loan offers side by side within minutes. How Fiona Loans Work.

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What Is a Personal Loan?

Better Credit Blog

Each year, tens of millions of Americans facing similar situations turn to personal loans to help ease the financial burden. With low interest for borrowers with strong credit scores, fixed rates, and a variety of lending sources to choose from, it’s easy to see why personal loans are so enticing. How Personal Loans Work.

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Best Personal Loan Companies of 2022

Better Credit Blog

The best personal loans charge low fees and low fixed interest rates, have flexible loan amounts and terms, and have no prepayment penalties. A personal loan could let you access cash for any purpose. Since personal loans are unsecured, you’ll need an excellent credit score to get the best deal.

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What Debts Are Not Discharged in Bankruptcy?

Sawin & Shea

If a debt is secured, it means it is backed up by collateral property. If a debt is unsecured, no collateral is put up as a guarantee to pay. A Special Note About Student Loan Debt Can student loans be discharged in bankruptcy?

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10 Ways to Build Credit Without a Credit Card

Credit Corp

These loans often have low interest rates and are accessible to those with poor or nonexistent credit. That’s because you provide all of the collateral for the loan in cash, so it’s not a risk for the lender. You build credit as you pay down the loan, and you can access your balance once the loan is paid off.

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What Is a Personal Guarantee in Bankruptcy?

Sawin & Shea

People also frequently make personal guarantees on behalf of another person’s debts, and these written agreements are common when a borrower has a bad credit score. A friend or family member may step in to assist the borrower in obtaining a loan for a car, home, or student loan.