What is the meaning of personal loan?
A personal loan is a type of loan that has to do with lending a set amount of money and paying the debt off with interest in a structured payoff as discussed.
This loan is not secured because there is no collateral (like house, land, car, shops etc) before taking the loan; instead the borrowers make use of your personal credit and other factors to determine eligibility.
The impression is cheap and closer to the kind of lending/borrowing we know and make use of before; you borrow and give the money back to the owner. One of the profits of the personal loan is that you have enough flexibility to make use of the money with the reason you have in mind when borrowing it.