How to get approved for a personal loan

Personal loans offer many advantages but it’s important to consider the finer details. (iStock)

Personal loans are no longer just for consolidating debt; consumers utilize personal loans to fund a variety of purchases: from weddings to financing education and funding new business ventures.

Personal loans offer many advantages, including lower interest than many credit cards. According to recent Experian data, personal loans are growing faster than any other type of installment loan, which is why it’s important for consumers considering this financial product to know the details of what a personal loan is and how to get one.

How can I get a personal loan?

There are two types of personal loans: secured and unsecured. Secured means you put up some type of collateral to take on the loan. With a financial asset (think a car, savings account, or home) held as surety, lenders offer lower interest rates

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German economy shrank by record 9.7% in second quarter

27 July 2020, Berlin: A traveller with a mouthguard comes out of the door of the arriving planes at Tegel airport.

Annette Riedl | picture alliance via Getty Images

The German economy contracted by a record 9.7% in the second quarter as consumer spending, company investments and exports all collapsed at the height of the COVID-19 pandemic, the statistics office said on Tuesday.

The economic slump was much stronger than during the financial crisis more than a decade ago, and it represented the sharpest decline since Germany began to record quarterly GDP calculations in 1970, the office said.

Still, the reading marked a minor upward revision from an earlier GDP estimate for the April-June period of -10.1% quarter-on-quarter that the office had published last month.

Consumer spending shrank by 10.9% on the quarter, capital investments by 19.6% and exports by 20.3%, the seasonally adjusted GDP data showed.

Construction activity, normally

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