Key takeaways
- A personal loan can fund expenses such as debt consolidation or medical costs.
- Personal loans tend to carry lower interest rates than credit cards, which can make them more affordable for borrowers.
- Before deciding to get a personal loan, you must consider potential downsides, such as high interest rates, steep fees and a hit to your credit score if used incorrectly.
Personal loan funds can be used for a number of purposes, including debt consolidation and medical expenses. They can also be a good solution if you need funds fast. Some lenders can deposit funds into your account as fast as the next business day. Plus, average rates are typically lower than those of other forms of debt, like credit cards.
But like all fin…
Read the full article at: https://www.bankrate.com/loans/personal-loans/pros-cons-of-personal-loans/
