A personal loan is quite often used to refinance existing debts, although they are a bit different to debt consolidation. Debt consolidation consists of paying off the loans through a new loan and bundling them all together.
When using a personal loan for debt, the bank or lending institution gives the consumer a requested amount of money and allows them to spend it as they need.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.