How Do Personal Loans Work?
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What Is a Personal Loan?
How Does a Personal Loan Work?
1. Finding a Personal Loan
Secured vs Unsecured
Fixed vs Variable Interest Rates
Cosigned Personal Loans
Debt Consolidation
Impact on Your Credit Score
Comparing Lenders
2. Pre-Approval
3. The Application Process
4. What To Do Once You Have a Personal Loan
Is the money to consolidate other debts? Then the next step will be to pay those lenders what they are owed. Are you planning to use the money for home repairs or remodeling? Then you might want to start by deciding how much of it can be spent for various parts of the process.
Compare Personal Loan Rates Today
The Takeaway
About the Author
Sarah Li Cain is a finance writer and podcast producer focusing on topics such as credit, insurance, investing, and real estate. Her work has appeared in major publications such as CNBC Select, Forbes, Redbook, and Business Insider.
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