Personal loans can help you finance most major purchases, from an engagement ring to home repairs, often at a lower interest rate than paying with a credit card.
And if you’re stuck with a bunch of high-interest credit card debt, you can take out a personal loan to consolidate the balances and lower the overall APRs, thus removing the hassle of juggling too many monthly payments at once.
But like any kind of financial product, personal loans have trade-offs, including fees and interest rates. Consumers should think carefully before applying for loans, since they can impact your credit score and overall financial health.
Here’s what you need to know about personal loans and how they work.
What is a personal loan?
Personal loansare …
Read the full article at: https://www.cnbc.com/select/what-is-a-personal-loan/
