There are several types of personal loans available, tailored to meet specific needs and circumstances. Unsecured personal loans, the most common type, do not require collateral but may come with higher interest rates. On the other hand, secured personal loans require collateral, such as a vehicle...
SoFioffers unsecured personal loans of up to $100,000, one of the highest loan amounts among our best personal loan picks. However, its lowest loan amount is $5,000, so there are no small loans available through SoFi. While good to excellent credit is ideal, SoFi also considers alternativ...
Unsecured versus secured loans: Most personal loans are unsecured, meaning they are not tied to collateral. However, if your credit score is less-than-stellar and you're finding it hard to qualify for the best loans, you can sometimes use a car, house or other assets to act as collateral...
Personal loans can come in both unsecured and secured loan options. The former means that you won’t have to put up an asset as a guarantee that you’ll repay the debt, while the latter type does require collateral such as a car or other high-value property. If you choose an ...
While most personal loans are unsecured, some lenders allow you to choose a secured or unsecured personal loan. If you choose a secured loan, you must back the loan with collateral, like a car or other asset, which the lender can seize if you stop making payments. Personal loans are avail...
PenFed Credit Union offers unsecured personal loans ranging from as low as $600 to $50,000. The maximum length for a loan is 60 months, and the APR ranges from 7.99% to 17.99%. While you don’t need to become a credit union member to apply, it’s required to receive funding. ...
Secured vs Unsecured Personal Loans Types of Loan – A-Z Directory Vidal Arias Vidal is an experienced Strategist and Portfolio Manager with a keen interest and passion for the financial markets and also writing. During his career, he has developed excellent market timing skills, focusing mainly ...
Discover Personal Loans Read 35 Reviews Offers personal loans from $2,500 to $35,000, with repayment terms of 36 to 84 months. Rates range from 6.99% to 24.99% APR at publishing. No origination fees. Check your loan options without affecting your credit. ...
Typically offer lower APRs than credit cards: Personal loans can charge much lower APRs than credit cards do, though to be eligible for the best rates, you’ll need a strong credit score. Unsecured personal loans don’t require collateral: Many personal loans are unsecured, so you won’t ha...
Personal loans are typically unsecured loans. This means they're not tied to a specific asset like a car or a house. This lack of collateral gives borrowers more flexibility in how they use the loan proceeds, though it may make it harder or more expensive to secure the loan. Borrowers com...