Personal loan, an unsecured loan also known as a signature loan is a monetary loan that is not secured against the borrower’s assets and is solely based upon the borrower’s credit rating and income. Unsecured personal loans have a fixed interest rate and generally carry no restrictions as to what the funds can be used for.
You can use the money to go on a vacation, pay bills, buy a new car, pay for home improvements and or anything else that pleases you. To get an unsecured loan you generally have to have Good to Excellent credit. However, that doesn’t mean you can’t get a loan if you have a few blemishes on your credit report.