Pros and Cons of Personal Loans

Pros:

✅ Quick access to funds.

✅ Lower interest rates compared to credit cards.

✅ No collateral required for unsecured loans.

✅ Fixed monthly payments make budgeting easier.

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Cons:

❌ Fees such as origination and late payment penalties.

❌ Higher interest rates if you have poor credit.

❌ Taking on unnecessary debt if not used wisely.