Personal Loan
Also called: unsecured personal loan, signature loan
A personal loan is a fixed-rate, fixed-term, usually unsecured loan for any purpose, priced mainly off your credit score. Rates typically sit well below credit cards and well above secured borrowing, because the lender has no collateral to seize. The common good use is consolidating high-rate card debt into a lower fixed rate with a real payoff date. The common bad use is funding consumption, since the loan outlives the thing it bought.