Personal loans are considered an unsecured debt. What makes a personal loan unsecured? A loan is considered unsecure if it does not have collateral which a lender can seize if a borrower fails to make payment.
Personal loans are a very general loan and can be categorized in to many different types of loans. For instance a personal loan can be a pay day loan or an installment loan. Both are personal loans, but they are for two very different functions. In general, personal loans are used as a way to receive cash fast in order to meet financial obligations which otherwise couldn't be paid without a loan.
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