Personal loan amounts range from $1,000 up to $35,000 and repayment terms generally range from one to five years. Rates likely fall between 6 and 36 percent and personal loans are unsecured loans, which means you can borrow money with no collateral based on your credit. Personal loans deliver a lump sum to the borrower, unlike open-ended credit lines like HELOCs or credit cards. Uses for personal loans include debt consolidation, education expenses, weddings, vacations, or paying off credit cards.
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