Personal loans can be the best option if you are in need of cash to support a specific purpose. In recent years, more than 20 million people have taken out personal loans, so these loans have become popular.
As a type of installment loan, personal loans are taken out as a specific amount of money that must be paid back with interest. Typically, the monthly payments must be paid within 12 to 84 months, which is quite the range. Once the amount of the loan, including the interest, has been paid in full, the account will close.
The loan amount will vary from lender to lender, but the general range is from $1,500 up to $100,000. Because these loans are based on credit, the amount of loan you qualify for will vary depending on your credit score.