A personal loan is a type of installment credit which you can access in the form of a lump sum and repay over a specified period—typically 2 to 5 years, though terms may range from 12 to 84 months depending on the lender. Interest can be fixed or variable, and while most personal loans are unsecured (i.e., no collateral required), secured options may be available to borrowers willing to pledge assets.
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