Personal Loans are financial products that allow individuals to borrow a specific amount of money from a lender for various personal purposes. These loans are typically unsecured, meaning they do not require collateral.

Key points to understand about personal loans:

Purpose: 

Personal Loans can be used for a wide range of purposes, including debt consolidation, home renovations, wedding expenses, medical bills, vacation costs, and unexpected expenses. The borrower has flexibility in how they use the funds, but some lenders may impose restrictions on certain expenses.

Secured vs. Unsecured Loans: 

Personal Loans can be secured or unsecured. Secured loans require collateral, such as a savings account, vehicle, or property, which the lender can seize if the borrower defaults on the loan. Unsecured loans do not require collateral but may have higher interest rates to compensate for the increased risk to the lender.

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