What is a personal loan?
There are three main types of loans that people call personal:
- Signature loans
- Payday loans
- Loans from acquaintances (family, friends)
- Private loans
What are these loans used for?
They are used for a variety of reasons but can be used for anything.
Who can qualify for these loans?
Each of the four types of loans is extremely different. For example, signature loans are basically unsecured personal loans that you take out from a bank. These loans can only be qualified for by individuals that have solid credit. However, payday loans can be taken out by any legal citizen who has a job and is of legal age.
Are there personal loans for bad credit?
Payday loans are exactly that. However, loans with reasonable interest rates are generally not available for people with bad credit. These bad credit personal loans are excessively expensive.
Where can I get these loans?
I would recommend learning more about each type of loan to find out where you can get them. Each type is completely different.