A personal loan also known as Consumer Loan and can be used for a specific personal need.
The Personal Loan can be borrowed from a bank or from private lender. A Personal Loan can either be secured or unsecured.
Secured Personal Loans are for personal loans use. Have an asset set against personal loan as security for the amount borrowed. The interest rate on secured loans tends to be lower than unsecured loans. As an individual you are borrowing money to purchase a tangible item like a new or used car, which will be used as security for the loan.
Unsecured personal loans are loans made to individuals who do not require any property ownership or collateral for approval. Since the credit quality and financial position of the individual is sufficient for the lender to extend credit without collateral. The approval of unsecured personal loans is based on your credit history or employment status.
Consolidate your Debts, Home renovations, Purchase a car, Updating furniture, Education expenses, Wedding expenses, Need a Holiday, Medical expenses, Purchasing Software, Unexpected personal expenses