A Personal Loan is a loan that allows borrowers flexibility to use the loan amount to help them with various things, it is one of the quickest loans, with short-to- moderate repayment options that help you escape long term repayment hassles. Individuals can use this loan for various reasons and are tailor-made based on the specific financial needs of the individuals. Your approval will be based on factors including credit history and debt-to-income ratio. A personal loan can be secured against something of value (collateral), or you can apply for an unsecured personal loan if you do not have any collateral to submit.