What are the benefits of a personal loan?

Here are some of the benefits of personal loans. Unlike mortgages and auto loans, which have specific uses, borrowers can use personal loans for almost anything. You can use a personal loan to make a large purchase, consolidate debt or fund a wedding or vacation.

Is a personal loan a good idea?

CNN earns a commission from partner links on the site but the reporting here is always independent and objective. The primary benefit of a personal loan is that it can get you out of a financial jam. And since it typically carries a relatively low interest rate, a personal loan can be a more cost-effective solution than the plastic in your wallet.

What are the pros and cons of obtaining a personal loan?

Personal loans are also known for their flexibility in that borrowers can use the funds for almost any purpose. If you’re wondering what is a benefit of obtaining a personal loan, the answer is that there are many. Some personal loan pros include its flexibility, higher borrowing limit, and predictable repayment schedule. 1.