Money is the main part of a person's life. No one can survive without it whether rich or poor. Each and every person should have limited financial power. Whenever a person needs money beyond his/her limit loans will be there. Today, loan plays a vital role and there are different types of loans available in the market. A loan fulfills the requirements of a person's life. In this article, we talk about personal loan. A personal loan is the generic term for a loan. It is suitable if a person want to raise a large amount, having problems in getting an unsecured loan or have a poor credit history. Lenders are more flexible with their underwriting, making a secured personal loan possible when a person have been turned down for an unsecured loan.

A personal loan is a way of borrowing money from a bank, building society or other financial institution. The interest rate depends on the money borrowed.

Personal loans have been broadly categorized into two kinds:

The secured loans are given against a security (like borrower