 TITLE: How Does a Personal Loan Affect Your Credit Score? CONTENT: What Is a Personal Loan?\n------------------------\nUnlike auto or home mortgage loans, which are designed for specific purposes, personal loans are consumer loans that can be used for just about anything you want. For instance, you might take out a personal loan to help you start a new business, pay your medical bills or finance an expensive but urgent home repair (such as a new roof in the middle of the rainy season).\nBecause personal loans generally have lower interest rates than credit cards, many people use them to pay off credit card debt or other high interest debt. (These loans are sometimes advertised as debt consolidation loans.) However, since personal loans are unsecured—meaning they don't require you to put up any collateral—their interest rates are higher than those for secured loans such as auto loans or home mortgages.\nYou can get a personal loan from a bank, credit union or online lender. The loan terms you qualify for will vary depending on your credit score, the amount you're seeking and other factors. As long as you have a good credit score, you can often get approved for a personal loan within days. Find out what else you should know before you apply for a personal loan.\n> Find the best personal loans in Experian CreditMatch™. END