Things to know for first-time personal loan borrowers
A personal loan is the perfect financial solution for someone in urgent need of funds but does not have assets to put up as collateral. It is a no-questions-asked collateral-free loan that can be used for any legal purpose. This makes it ideal for the younger generation who have just started earning and building their assets. Personal loans are usually for a short tenure of up to five years and charge a higher interest rate compared to secured loans. However, when it comes to an emergency, you can’t beat a personal loan for the ease, speed and convenience it offers.