If you live in Eastpointe, Michigan, you can take out a personal loan and avoid the high interest rates of credit cards and other loan products.
A personal loan is what it sounds like: a loan you can take out for personal reasons. Car loans and mortgages have very specific uses, but personal loans can be used for a variety of purposes, which often makes them the loan of choice for many borrowers.
Personal loans can either be secured or unsecured, meaning you can secure the loan with an asset (such as your home or car), but you don’t have to. However, should you choose to secure the loan and collateralize one of your assets, you are likely to get a better rate and repayment terms. Terms vary from borrower to borrower, but it’s possible to get repayment periods up to five years in length.
Many borrowers take out personal loans to consolidate high interest debt, pay for emergency expenses, or make a large purchase. Once approved, how you use the loan is up to you.