A personal loan is a good way to get the extra funds you need. There are two types of personal loans – secured and unsecured.
Secured loans generally offer lower interest rates than unsecured loans, but you must put up something for collateral, like your house, your car or your boat. If you don’t pay off the loan, you can lose that collateral, so make sure you know all the conditions before you choose a secured loan.
Unsecured loans are commonly known as ‘signature’ loans – the lender will approve the funds with just your signature, but you might end up paying higher interest for the privilege.