Loan peribadi
A personal loan is a type of loan that individuals can borrow from a bank, credit union, or online lender to meet their personal financial needs. It is often an unsecured loan, which means it doesn't require any collateral or asset as security.
The short description of a personal loan would be as follows:
A personal loan is a form of borrowing where individuals can obtain funds from a financial institution to fulfill their personal financial requirements. It is typically an unsecured loan, meaning that no collateral is needed. Personal loans are versatile and can be used for various purposes, such as debt consolidation, home improvements, medical expenses, education costs, or any other personal expenses. The loan amount, interest rate, and repayment terms are determined based on the borrower's creditworthiness and the lender's policies. Monthly installments are paid over a fixed period until the loan is fully repaid.