There are two main types of personal loans:
- Secured Personal Loans: These loans are backed by collateral, such as your car or home. Secured personal loans often have lower interest rates than unsecured loans, but you risk losing your collateral if you default on the loan.
- Unsecured Personal Loans: These loans are not backed by collateral. They typically have higher interest rates than secured loans, but they are also less risky for the borrower.
How Do I Apply for a Personal Loan?
Applying for a personal loan is a relatively straightforward process:
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