Personal loans, March 10 -- If you are planning to raise apersonal loan it is important to note that this should be meant for something important. Some of the key reasons for raising a personal loan include an emergency,home renovation, tuition for higher education and to host animportant function such as a wedding or a reception.

Most of these expenses are unavoidable and therefore it is not uncommon to raise a personal loan for any of these.

Meanwhile, it is recommended to refrain from taking out a personal loan for avoidable expenses such asgoing on a trip or indulging in a recreational activity.

I. Higher interest rate: Personal loan is unsecured and therefore it has a higher rate of interest. Therefore, you end up paying far more ...