A type of financing that normally has no collateral. Often called signature or unsecured loans, personal loans provide the borrower with funds with no collateral requirement. Credit cards can be considered types of personal financing because they do not require collateral. Personal loans typically have higher rates and require better credit, because of the higher risks involved. For more information, see the "Analyzing Liabilities" and "Analyzing Credit Reports" articles in the "Loan Process" section.
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