Sometimes you have a short term financial goal. Whether it is buying that new TV, renovating a property, going on vacation or even paying the hefty price tag that comes with planning a wedding. A personal loan gives the option of getting a lump sum of cash (depending on your financial situation) to meet your short term goals sooner rather than later. A majority of the time these loans are unsecured. This means there is no asset supporting the loan as collateral.
A personal loan can, most of the time, have a higher interest rate than a secured loan because of this reason. In most cases, the highest personal loan amount you can apply for is $50,000. This type of loan covers the majority a customer’s short term goals. Anything higher would usually require an asset to support the application.