Are all personal loans related to credit card debt consolidation or can you get personal loans for other reasons?
Hi,
Yes, personal loans can become “categorized loans”. Personal loans are uncollateralized loan (unsecured loans) that are used for any personal expenses (house, wedding, car and so on). Debt Consolidation loans are personal loans used to reorganize and payoff existing debts. So instead of making 10 smaller payments, you pay one large “debt consolidation bill” in one attempt, making it simpler and faster. Other alternatives include Debt management (credit counseling, planning and auto-pay) and Balance Transfer Credit Cards (use other 0% APR cards to pay underlying debts).