You might be familiar with mortgages and car loans, but what’s a personal loan? A personal loan is an amount of money you can borrow, often used to cover unpredicted expenses, like car repairs, major purchases, or unexpected medical bills.
Apart from repaying the principal, you need to cover the cost of the debt—the interest. The interest rate depends on the amount of money you borrow, your credit score, and the period of repayment. Personal loans are typically repaid within five years, but many personal loans have shorter repayment requirements.
There are two types of personal loans: secured and unsecured. If you don’t have a good financial history, the lender may not approve your application for an unsecured loan. But you may be eligible for a secured loan, which would mean that the lender may ask you to back the loan with collateral. This means you could lose some of your assets if you’re late with paying off your debt.
If you’re experiencing financial difficulties or want to boost your financial situation, loans made or arranged by CreditNinja loan may be able to help.