1. Purpose: Personal loans offer financial flexibility, covering various expenses such as debt consolidation, home improvements, or major purchases.
2. Loan types: Unsecured (no collateral required), Secured (backed by assets like savings or CDs).
3. Loan amounts: Typically range from a few thousand to tens of thousands of dollars.
4. Loan terms: Repayment periods vary from 1 to 7 years, depending on the lender and loan amount.
5. Interest rates:  Fixed or variable rates apply, influencing monthly payments and total interest costs.
6. Qualification criteria: Considerations include credit score, income, employment status, and debt-to-income ratio.
7. Application process: Typically involves filling out an online application and providing necessary documentation
8. Fees: May include origination fees, prepayment penalties, or late payment fees.
9. Credit impact: Repayment history affects credit score, impacting future borrowing opportunities.

Personal loans provide a convenient solution for managing expenses and achieving financial goals, but borrowers should evaluate their financial situation and compare loan terms before committing.