Distinguish private lender personal loans from other types of loans. Private lender loans are provided without the borrower having to specify what that the personal loan money will be spent on. In contrast, loans from public lenders are typically categorized by the loan’s use, i.e., mortgage loans, student loans and auto loans. Note that a personal loan is very different from a payday loan. Payday loans are very short-term, very high interest loans (sometimes interest rates can…
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