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What is a personal loan?
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13th Dec 2009 by Mark P. Cussen, CFP, CMFC
As the name implies, a personal loan is simply a loan that is made by one person to another. In many cases, these loans are unsecured, although they can require collateral. Personal loans are usually made between friends and family members. These loans are often unenforceable in court and can involve substantial risk to the lender in some cases. Failure to repay this type of loan usually does not show up on one's credit report.
As the name implies, a personal loan is simply a loan that is made by one person to another. In many cases, these loans are unsecured, although they can require collateral. Personal loans are usually made between friends and family members. These loans are often unenforceable in court and can involve substantial risk to the lender in some cases. Failure to repay this type of loan usually does not show up on one's credit report.
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17th Nov 2009 In Finance
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Subjects: personal loan,