Tim Schlueter | Source | VP Head of Lending & Point-of-Sale at Avant

A personal loan is a great option if you want to budget how much you pay over a period of time. For example, if you get a three-year personal loan, you will typically have a fixed monthly payment, and at the end of the three years, the loan will be completely paid off. This can be really helpful for customers who need help with budgeting and want to avoid getting stuck with high credit card balances. Personal loans also typically have no prepayment penalties, so if you are able to pay a little more than your monthly payment you can pay off your debt faster.