Here's how a personal loan is a smart financial move to get access to cash, save money and raise your credit score.
Here's what you need to know about personal loans and how they can benefit you.A personal loan is an unsecured loan typically from $1,000 - $100,000 typically with a fixed interest rate that can be used to consolidate debt or make a large purchase. The term"unsecured" means you don't have to put up any collateral.
The stronger your credit profile and history of financial responsibility, the lower the interest rate you can expect.Personal loans are best for purchases that you plan to repay in less than five years. Of course, that assumes you will take advantage of the lower interest rate and lower monthly payments to accelerate your credit card pay off.DO NOT use a personal loan as a tool to postpone debt repayment.Here's how to cut your credit card interest rate by up to 50%:
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