Summary

Introduction:

There are six main types of personal loans you can borrow from banks.

1. Secured personal loan
2. Unsecured personal loan
3. Debt consolidation loan
4. Co-signed and joint loan
5. Fixed-rate loan
6. Variable-rate loan

Pros:
1. some of loans don't have restriction on use
2. fast funding after apply successfully
3. most interest rates will lower than credit card

Cons:
1. some lenders might collect loan fee and penalties early
2. high interest rate for borrowers who have bad credit
3. credit of default borrowers will decrease

If you are interested on them, click on the tags for more details.