When unexpected expenses arise, a personal loan can be a lifesaver. Whether it’s for medical bills, home repairs, or a special purchase, personal loans provide a way to get the cash you need quickly. This guide will help you understand what personal loans are, how to apply for one online, and what eligibility criteria you need to meet.

What is a Personal Loan?

A personal loan is a type of unsecured loan that you can use for various purposes. Unlike a mortgage or a car loan, a personal loan does not require collateral. This means you don’t have to put up any assets like your house or car to secure the loan. Instead, lenders will evaluate your creditworthiness based on your credit score, income, and other factors.

How to Apply for a Personal Loan Online

One of the easiest ways to get a personal loan is to apply online. Here’s a step-by-step guide to help you through the process: