Personal loan is very common nowadays. It is an amount of money which is fixed as well as repaid within a stipulated time duration. A personal loan can be taken from banks, online money lenders as well as credit unions. A personal loan is of two types. A secured as well as an unsecured loan. A secured loan involves a type of collateral. One example of which is an auto title loan which has been secured by the title. Best personal loans are unsecured loans and these are quite popular as well. This does not involve any collateral. In this situation lenders usually focus on your credit history, income, credit score and much more. Sometimes they check your employment status as well. Unsecured loans are taken for extensive purposes such as wedding, improvements, debt consolidation as well as payment of medical bills.