Key takeaways A personal loan can get you cash within days at a fixed rate and steady payment. Personal loans tend to carry lower, more affordable interest rates than credit cards, if you have good or better credit. Before deciding to get a personal loan, consider potential downsides, such as steep fees and rigid repayment terms. Personal loans can be a useful tool to help streamline your budget or get money fast in an emergency. From debt consolidation to paying a big car repair bill, you can usually qualify with a good credit score and stable income. Many lenders even offer same-day funding, giving you access to funds quickly. The average personal loan rates are also typically lower than credit cards, which could save you hundreds, if not thousands, in interest charges. A personal loan is a unique borrowing tool because it offers structure, predictability, and versatility all in one product. — David Kimball, chairman and CEO of Prosper However, like all financial products, personal loans have drawbacks.…