A personal loan is a signature loan or unsecured loan not tied to any collateral. This type of loan will usually have a rate of interest comparable to a credit card. Unlike a revolving credit line, a personal loan has a fixed term and fixed interest rate.
Where to obtain a personal loan
If you are a member of a Credit Union this is a good place to look. Credit unions often have lower rates than the large banks.
Most major banks like www.bofa.com provide personal loans. The bank where you maintain your checking account is a good place to apply for a personal loan. They have your record of deposits and account history on file so the approval process will be easier.
