What to do before applying for a personal loan

What to do before applying for a personal loan

In the wake of the pandemic, many are turning to personal loans for help. (iStock)

The economic recovery from the coronavirus pandemic took a heavy blow in December, with the United States losing 140,000 jobs that month. And although the unemployment rate fell to 6.3% in January, the Bureau of Labor Statistics (BLS) reported that seasonal jobs were responsible for the rise in employment. Certainly, the road to recovery will take time before we see numbers like the pre-pandemic unemployment rate of 3.5% in February 2020.

With so many Americans still struggling financially, some people may want to consider getting a personal loan. Some of the most common reasons for getting a personal loan include consolidating high-interest debt or financing a large purchase. And for those whose income has taken a hit in the …

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