A personal loan is an unsecured installment loan typically used for debt consolidation, home improvement, medical expenses, or major purchases. Amounts range from $1,000 to $50,000, terms from 2-7 years, and APRs from 6-36% depending on credit. Unlike credit cards, personal loans have fixed payments and a defined payoff date. SoFi, Marcus, LightStream, and Upgrade are common online lenders. Use a personal loan only when the rate is meaningfully lower than your existing debt and you have a plan to avoid re-accumulating the original debt. Personal loans should rebuild credit by reducing utilization on cards.
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Personal Loan
August 22, 2026 · Aditya Gupta
Personal Finance
Related terms
ACH Transfer
ACH (Automated Clearing House) transfers move money electronically between US bank accounts via the ACH network — direct…
Adjustable-Rate Mortgage
An adjustable-rate mortgage (ARM) starts with a fixed introductory rate (typically 5, 7, or 10 years), then adjusts…
Auto Loan
An auto loan finances a vehicle purchase, with the car serving as collateral. Standard terms run 36-84 months;…
Automatic Bill Pay
Automatic bill pay is a service that pulls funds from your account on a scheduled date to pay…
Balance Transfer
A balance transfer moves credit card debt from a high-interest card to a card offering a 0% promotional…
Bank Run
A bank run occurs when many depositors simultaneously withdraw their funds, fearing the bank will fail. Banks operate…
