Money Girl explains the pros and cons of using personal loans to consolidate or pay off credit card debt.
The amount you can borrow depends on the lender, your credit, and your income.
Personal unsecured loan amounts usually range from ,000 to ,000 and have a fixed interest rate.
If you want to borrow more, you typically have to apply for a secured loan.
Personal loans come with a choice of repayment terms that may range from 3 to 10 years.
If you want to pay off your personal loan ahead of schedule, most don’t charge you a prepayment penalty.