When finances are tight, it’s tempting to turn to a personal loan. Borrowers use personal loans for a variety of reasons, including debt consolidation, moving expenses, vacation, and to cover lost income. While personal loans offer flexibility and can provide much-needed relief when things get tight, it’s essential that you thoroughly research your options to avoid finding yourself in a loan with unreasonable terms.
Before you apply for a personal loan, here are a few commonly asked questions that could help you decide if it’s the right fit for your finances:
1. When is a personal loan a good idea?
A personal loan may be a good idea if you can afford to make monthly payments, and you qualify for a fair interest rate. Use online marketplace Credible’s free online tools to see what kind of loan