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You should only take out an unsecured, personal loan if you are in dire straights. It is becoming more and more common for individuals to take out these loans, due to the economy. However, they can be dangerous, because the rates you pay can change from low to high in the drop of a hat, leaving you worse off than you were before.

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Q: Should you bother taking out unsecured personal loans?
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Related questions

What to consider taking out an unsecured personal loan?

What the interest rate is and loan agreement


What should you consider before taking out an unsecured loan?

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Where can I find out more about taking out an unsecured loan?

The websites for Capital One and Investopedia both contain valuable information about unsecured loans and the pros and cons of taking out these types of loans. However, these loans do need to be paid back and should not be used in place of proper money management.


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