Introduction

Personal loans are unique in that they can be for amounts much greater than would otherwise be available through most short-term loans, but they do not require collateral as most larger loans do.

Personal loans can be used for anything from home renovations or repairs to paying for a special event like a wedding or graduation party. There are no firm rules governing how a personal loan can be used, though it's advisable to only take out a quick personal loan for necessary expenses and only for amounts which can certainly be repaid within the allotted time frame.

Interest rates on small personal loans are generally higher than the average long-term, secured loan, like those used to purchase a home or vehicle, but still lower than other short-term loans, like payday advances.

Quick Personal Loans

Quick Personal Loans
Due to the higher risk associated with an unsecured loan and the consequent higher interest rate, some consumer advocates consider personal loans to be a risky form of debt. Though in many cases the loan may be necessary to pay for things like emergency medical bills, these advocates argue that borrowers could avoid taking on additional debt by saving and budgeting.

While the potential risks associated with high-interest debt are valid, personal loan supporters this argument with the fact that many consumers who seek out personal loans have no access to traditional banking services or institutional credit. Thus, for many consumers, paying a higher interest rate is an acceptable cost for access to the financing they need.

This survey is being conducted to get a better idea of who's using personal and how these loans are impacting their financial lives.

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