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Personal loans offer great flexibility in terms of repayment periods. Personal loans can be taken for several reasons. You can avail personal loans for debt consolidation, purchasing a car, children's higher education, home improvement, wedding, etc.Some borrowers look for loans at low rate of interest, others look for a longer repayment period, etc. Based on the needs and considering other criteria, personal loans have been classified as secured and unsecured. Both these types of loans have their own advantages and disadvantages.
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