Personal loan is a short-term loan that can take care of all your personal requirements. This loan can be taken to buy goods or to meet any wedding, education, medical, holiday, or home improvement expenses.

Types Of Personal Loan

This loan can be broadly divided into two.

1. Secured loan: Secured personal loan is that loan where you pledge your suitable assets against the loan. Secured loan is a low risk loan for the financial institutions. This is because the lending company can recover the outstanding amount by taking possession of the pledged assets in case of default by the debtor. Since it is a low risk loan for the lenders they charge a low rate of interest on this loan. Credit limit for secured loan is more since you are pledging your assets against it. This is also available for a longer duration of time. Since a lot of paper work is involved, it normally takes time to get approval for secured loan.
   
   
2. Unsecured loans: In this kind of loan you do not have to pledge your assets against the loan. Most of the personal loans fall in this category. The rate of interest on this loan is high, as it is a high-risk loan for the lender. Since you do not have to pledge any assets against unsecured loan, it requires less paper work and hence the approval of such loans is faster. You can opt for unsecured loans if you need money urgently or if you have a bad credit history or if you do not want to get into the hassle of paper work. Most lenders are ready to give unsecured loan to people with a high credit score.

In short, you can opt for either secured or unsecured personal loan depending on your need. However it is advised that you opt for secured loan if you need a higher loan amount and that too for a long time. This will save you from the high interest cost associated with unsecured loan. You should also always negotiate the interest rate with your lender, particularly, if you have a high credit score.

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