A personal loan is extended from a
financial institution to a borrower purely for personal matters. Mortgage loans
are taken out specifically to buy homes, and car loans are taken out
specifically to buy cars. A loan given for personal reasons can be given for
any reason, from catching up on bills to buying Christmas presents or
purchasing a new television. In the case of a payday loan lender, it is not
even asked what the money is being borrowed to cover.
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