<human>:  What are the benefits of taking out a personal loan?
<bot>: The benefits of taking out a personal loan include the ability to access funds quickly while still having flexible repayment options and low interest rates. Additionally, personal loans can be used for virtually any type of expense, both personal and financial, such as home repairs, medical bills, debt consolidation, and more. Furthermore, many banks, credit unions, and online lenders offer unsecured personal loans, meaning you don’t need to put up collateral like a car or home to secure it. Finally, taking out a personal loan does not require a hard inquiry on your credit report, which can help you avoid damaging your credit score.