Fixed-amount installment loans, $1,000–$100,000, paid back over 2–7 years.
A personal loan is a fixed-amount, fixed-term installment loan. You borrow a lump sum, get a fixed APR and monthly payment, and pay it back over 2–7 years. Personal loans almost always involve a hard credit pull at application and report to credit bureaus.
Typical use case: debt consolidation, a large planned expense (home repair, medical bill), or a major purchase where you want predictable monthly payments.
