Personal loans are a popular form of debt. The total amount Americans borrowed using this type of financing reached a high of $162 billion in the first quarter of 2020, per TransUnion.
Personal loan interest rates are near all-time lows, so you may be tempted to take out a loan for a variety of reasons — but what about investing? Depending on your credit score, some borrowers could qualify for a personal loan as much as $100,000.
Before you build wealth by investing borrowed money, here’s what you need to know.
Is using a personal loan to invest a smart move?
Consumers can take out a personal loan and invest the money — but whether that’s a good idea depends on your financial situation or goals. It can be a huge gamble, yet can also pay off if