Key Points:
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A personal loan, also known as an unsecured or signature loan, is a flexible borrowing option.
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Common purposes for taking a personal loan include consolidating debt, covering unexpected expenses, financing education, or funding a wedding.
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Personal loans typically have a short-term duration ranging from 2 to 5 years, with the best interest rates reserved for individuals with excellent credit.
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Applying for a personal loan through Bills.com is a straightforward process.
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By providing your credit score, zip code, and desired loan amount, you can access multiple loan offers.
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Select an offer, enter your personal information, and give consent without any impact on your credit score.
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Receive no-obligation loan offers tailored to your needs.
What Defines a Personal Loan?
A personal loan, also referred to as an unsecured or signature loan, does not require collateral, making it a flexible borrowing option. Unlike secured loans like mortgages or auto loans, personal loans are not tied to specific assets.
The versatility of personal loans allows you to utilize the funds for various purposes, including consolidating debt, home improvements, weddings, vacations, medical expenses, or major purchases.
Lenders primarily consider your credit score when evaluating your loan application. However, certain lenders, such as FreedomPlus, also take into account additional personal factors during the approval process for loan applicants.
