Personal Loan

Personal loans are usually unsecured, in small amounts, and granted to individuals. Security, if required by the lender, would just be a guarantee given by a person unrelated to the borrower. The related loan documentation is usually minimal and, in most cases, based on a letter of offer for personal loan or a loan letter.

As such, if the borrower fulfils all credit criteria, the application, approval, and disbursement of a personal loan is usually very fast.