A personal loan is a common type of legal loan that allows a borrower to access cash funding for flexible use. This is offered by authorised financial institutions such as banks and licensed money lenders. The latter allows for a quick cash loan. With a personal loan, consumers can borrow a certain amount of money based on their repayment ability. They will be required to repay back the principal loan amount together with a specified interest rate at a fixed repayment due date. Among the most common type of personal loan is an unsecured loan. This type of loan does not require you to have guarantors or any collaterals from the borrower.