Personal loans are versatile and hence can be used for various purposes. Unlike a car or mortgage loan, you can use the personal loan for repairs, medical bills, dream vacation, debt consolidation, and much more. Personal loan is affordable because of the lower interest rates. The personal loan rates are more suitable as compared to the interest rates on credit cards. Yet another benefit of getting a personal loan is that there are a variety of lenders offering them. You can borrow personal loans from traditional sources like banks or from online lenders or NBFCs. Even with a low credit score, it is possible to get a personal loan. Some lenders offer personal loans to people with not-so-good credit score but at a higher rate of interest. The interest rates for personal loans are fixed, and the payment remains the same every month.