A personal loan is something that is taken out to fulfil a specific purpose, for example, purchasing a new car, funding a holiday or by consolidating debt
An unsecured loan is a loan that is not secured against an asset. So, the loan is supported by the borrower's creditworthiness rather than an asset
A secured loan is a loan that is secured against an asset, So the loan is supported by the borrower's creditworthiness and asset. The usual asset used is a car or property that has an acceptable value
There are numerous reasons as to why you may wish or need to take out a personal loan, see our guide for more information
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