A personal loan and an unsecured loan are the same thing, but providers use the different names to describe the same product.
To apply for a personal loan you do not have to be a homeowner and the loan is not secured against any of your assets. Instead, a personal (or unsecured) loan provider will base their decision on granting you a personal loan by using your personal credit history. This is verified by a credit check to determine your credit rating.
However, a personal loan usually comes with a higher interest rate because the lender is taking a bigger risk. This risk factor also means that your finances have to be in fairly good order to qualify for the loan in the first place.
The Home Loan Shop
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