As a major expense is encountered that you cannot afford to pay with your savings, then, you might require taking a debt. Debt is taken for paying car repair, medical procedure and much more. If this is the case, then a common financing option is the personal loan that provides a lump sum of cash which is paid off in monthly instalments. The personal loans could be used for consolidating high-interest debt. In the application procedure for these loans, the lenders are responsible for…