A personal loan is any money that is borrowed and unsecured, meaning that the borrower alone is responsible for paying off the debt. Find out why personal loans don't involve physical assets with help from a financial planner in this free video on personal loans and money management.
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Hi, my name is Bill Rae. I'm with HBW of Florida. I've been in the finance field for well over twenty years and today we're going to talk about personal loans. What is a personal loan? In basic, a personal loan is any monies borrowed, unsecured, meaning not against personal property such as real estate that's your personal debt. Personal loans can be used for buying a quick TV. It could be used for buying or paying off other debts. A personal loan, personal debt, simply means that you and you alone are responsible for paying back that debt. There are no physical assets. There's no guarantee other than your word. This is one of the truest forms of loaning money that has existed from the beginning of time. As in all financial instruments however, be careful of what you sign. Some of the best places to get these type of loans, would be your local credit union. Personal loans, like all, carry interest rates and charges, so make sure what you're signing, what you're costs are involved and how long you have to pay that debt off. The sooner the better. My name is Bill Rae. I'm with HBW and I'm helping you build wealth.