I recently heard there were different kinds and I am not entirely sure what this means. I always thought a personal loan was just that, and that is what separated it from other loans.
What are the different types of personal loans out there?
These are the ones I know of off the top of my head:
Unsecured personal loans
Secured personal loans
Debt consolidation loans
Personal line of credit
They each have their own rates and stipulations.
I only ever had one personal loan and I couldn't even tell you what kind it was. I just know that the interest increased the longer I had the debt so I signed on for a bad personal loan to say the least.