A personal loan is also called an unsecured or signature loan. It requires no collateral, unlike a secured loan, such as a mortgage or auto loan.
You can use personal loans for a variety of reasons including debt consolidation, home improvements, weddings, vacations, pay medical bills, or make a large purchase.
The primary factor lenders use to approve a personal loan is your credit score. Some lenders, such as FreedomPlus look at other personal factors when approving consumers for a loan.