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Applying for a personal loan
can be a very good thing. On the flip side, obtaining a personal loan can also be a debt trap. If you need extra funds quickly and you can pay back the money you borrowed within a reasonable amount of time, a personal loan can save you hassle, time and money.
If you are seeking a personal loan as a long-term solution to a recurring problem, this type of loan may not be the best option. As with any other kind of loan, there are times when a personal loan makes sense, and times when it's best to seek some other type of financial solution.
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