A personal loan is a banking product where the bank makes a certain amount of money available to the person requesting it (the borrower), along with specific terms and conditions related to terms, fees, interest, etc. In turn, the borrower acquires the obligation to pay back the capital along with the corresponding interest, through a series of periodic payments (installments).
Personal or consumer loans are used to finance needs such as buying a car, home remodeling, university tuition, vacation travel, etc.
The amount of the monthly payment will depend upon three elements: the amount of money requested, the repayment period, and the interest rate.
What is a personal loan?
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