personal loan is a short-term loan from a lender that you pay back in
monthly installments. The length of a personal loan varies as well as
the interest rates for borrowing money. Unless your credit is strong
enough to qualify for a 0% introductory credit card offer, a personal
loan will often be your cheapest option for borrowing money. In fact,
the Federal Reserve reports that the average personal loan interest rate
is significantly lower than the average credit card interest rate,
which wasabout 16.6% as of February 2020.