What is a personal loan and how does it work? Personal loans are a form of installment credit. Unlike a credit card, a personal loan delivers a one-time payment of cash to borrowers. Then, borrowers pay back that amount plus interest in regular, monthly installments over the lifetime of the loan, known as its term.
What is a personal loan used for? Personal loans are borrowed money that can be used for large purchases, debt consolidation, emergency expenses and much more. These loans are paid back in monthly installments over a few months or upwards of a few years. It can take longer depending on your circumstances and how diligent you are with making payments.
How old do you have to be to get a loan in Iowa? Applicants must be a resident of Iowa and 18 years of age at the time of application.
Which of the following is an example of an unsecured loan? Credit cards, student loans, and personal loans are examples of unsecured loans.