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​A personal loan is a type of installment loan, meaning you borrow a fixed amount of money and pay it back in periodic payments.

Terms are fixed, so budgeting for repayment is more predictable:

• Fixed costs. Interest rates and fees are disclosed at the time the loan is granted. 

• Fixed terms. You have a set amount of time to repay the loan, depending on the size of the loan—usually between 12 to 84 months.

• Fixed repayments. No surprises—monthly repayments never change over the life of the loan.    

Personal loans are either secured or unsecured. Secured loans are backed by personal collateral like your home, car, or savings account. If you can’t repay the loan, the lender can claim your assets as repayment. Unsecured loans don’t require personal collateral.

Many online lenders provide same-day or next-day personal loans — whether you have excellent or not-so-great credit. These loans can be used for a variety of expenses, like emergencies, surprise bills, and more. The funds are typically deposited directly to your bank account so that you can begin using them right away.

​Borrowing money isn’t inherently bad as long as it’s used and repaid responsibly.

When debt becomes problematic:

• You have difficulty making repayments.

• You have stress and anxiety related to your debt. 

• Debt repayments are getting in the way of saving for emergencies or other important financial goals.

• Late payments and high credit usage have negatively impacted your credit score.

Pros:

• Financial flexibility: Loans can help cover expenses when income is tight.

Cons:

• Interest and/or fees: Borrowing money costs money.

• Stress and anxiety: Too much debt can negatively impact your overall well-being.

• Risk of default: You may not be able to repay your debt.

• Overborrowing: Easy access to debt may lead to borrowing more than you can comfortably repay.

Always use credit responsibly:

• Understand your financial needs before taking a loan.

• Calculate how much you need, and don’t overborrow.

• Make a realistic budget, so you can repay your loan while covering essentials.