Loans represent a kind of financial support provided for different purposes. Technically, the loan involves a contract between the borrower and the lender concerning borrower’s assets relocation for a while depending on the initial terms of the loan.
There are several types of loans. Among them, personal loans are analyzed in this article. A personal loan, otherwise a consumer loan, is usually granted for one’s own expenses coverage for buying goods, vacation costs, household improvement or renovation and more. Personal loans are not meant for any business purposes or commercial use.
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According to the asset purchased by the guarantor, this kind of loans are either secured (by the respective asset itself) or unsecured. The unsecured loans (usually known as signature loans) are provided based on the credit history of the borrower and the possibility to repay the loan from the personal wage or from any other kind of regular income, backed by documents. The repayment is made through fixed term installments.