Personal Loans 101: What to Know Before You Borrow

Join our weekly #CreditChat, launched in 2012 to help our community strengthen their understanding of credit and key personal finance topics such as saving, managing debt, and building healthier credit scores. Hosted by @Experian on X (formerly Twitter), the conversation is open to everyone—feel free to DM us with any questions.

This week’s #CreditChat is all about understanding personal loans and how to decide whether one is the right fit for your financial needs. We’ll discuss secured versus unsecured loans, what lenders may consider when reviewing applications, and how to compare costs, repayment terms, and other borrowing options. Join us to learn what to look for before signing a loan agreement and how to avoid common mistakes along the way.

Topic: Personal Loans 101: What to Know Before You Borrow

When: Wednesday, August 19, 2026

Where: Join the live hashtag discussion

The panel will include: Jennifer White: Consumer Education and Advocacy Team, and Christina Roman: Sr. Consumer Education and Advocacy Manager at Experian.

Questions we will discuss:
1. What is a personal loan, and when does it make the most sense compared with other borrowing options?

2. What are some reasons someone might consider a personal loan?

3. What’s the difference between a secured and unsecured personal loan, and how would you advise borrowers to think about the tradeoffs?

4. What aspects of a borrowers financial profile tend to have the biggest impact on loan approval?

5. When comparing personal loan offers, which costs or terms deserve the closest attention and why?

6. What should borrowers understand about how their monthly payments are applied over the life of a personal loan?

7. What factors should borrowers consider when selecting a personal loan repayment term?

8. What questions should consumers ask themselves when deciding between a personal loan and a balance transfer credit card to manage existing debt?

9. What should borrowers know about late payments, prepayment penalties, and other terms before signing a loan agreement? 

10. What are some common personal loan mistakes borrowers should avoid before and after taking out a loan?

Check out our complete list of upcoming personal finance Twitter chats here.