Lenders provide personal loans to borrowers to satisfy nearly any financial need. If you would like to consolidate bills, make outstanding payments before late fees start piling up, or have immediate expenses like medical bills or car repairs, taking out a personal loan could be your most cost-effective option.

Lending companies offer unsecured personal loans and secured personal loans. Some lenders also offer bad credit personal loans for individuals with less than perfect credit.

Unsecured personal loans

Unsecured loans are more convenient than secured personal loans because when collateral isn’t part of the equation, lenders can process applications very quickly. Many online companies advertise that they will deposit loan money directly into the borrower’s bank account within 24 hours. If time is your primary concern, an unsecured loan is your best bet.

Unsecured Personal Loan Lenders	Instant Approval	Fax Required	Max Amount
Team Quick Cash	Yes	No	$1500
Your Super Cash	No	No	$1500
Secure Money Store	No	No	$1500
Magic PayDay	Yes	No	$1300
Cash Central	Yes	No	Varies
First Advance Lending	Yes	No	$1500
Find my PayDay Loan	Yes	No	$1500
Abacus Credit & Loan	Yes	No	$250,000
Pay Check Today	Yes	No	$1000
Online Cash 911	Yes	No	$1500
Pay Day City	Yes	No	Varies

Bad credit personal loansSince few borrowers have perfect credit history, more and more lenders are offering bad credit personal loans. You can find countless lenders offering bad credit personal loans online within seconds. Since there are so many lending companies out there, it is possible to find competitively-priced bad credit personal loans if you shop around. Some lenders offer incentives like low interest rates for otherwise high risk personal loans if the borrower opts for the secured personal loan. Finding ways to lower the lender’s risk translates to lower costs for the borrower.

Need a bad credit personal loan?

Submit one application and get multiple loan offers at WeGiveCash.com:

Secured personal loans

Secured personal loans require the borrower to put up some sort of collateral, usually a vehicle or home, as security. The collateral decreases the lender’s risk by guaranteeing repayment either through conventional payments as per the loan contract or possession of the collateral. Since the lender is taking on less risk with a secured personal loan, interest rates and fees will also be lower. Lending companies are willing to loan out more money at lower rates to those with lesser credit history when they have collateral to protect themselves. Borrowers with poor credit often find secured loans to be their best option.

If you need a secured personal loan, check out our list of home equity loan and home equity line lenders or our auto loan lenders.