Financial Literacy, Resources

Personal loans 101: Learn the basics

When you hear the term “personal loan,” you might imagine loaning your friend $20 or your teenager asking to “borrow” money for something frivolous. In financial terms, what it actually refers to is a loan that isn’t secured by any collateral (like a car or house). Learn more about this type of lending in this personal loans overview.

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Author SAC FCU Managing Editor