Personal Loan- borrowing a fixed amount and paying it back in monthly installments with a fixed interest rate


	Personal Loan- borrowing a fixed amount and paying it back in monthly installments with a fixed interest rate
	Advantages Monthly installments make planning expenditure easy No restriction on what the money can be spent on Often able to borrow more than you could on a credit card/overdraft Customers with good credit rating can get lower interest rate	Disadvantages Arrangement fees can be added to the cost Failure to make payments can result in assets being seized Failure to make payments negatively affects credit rating
	Evaluation

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