There are 2 types of personal loans – secured personal loans and unsecured personal loans. Secured personal loans require you to pledge any of your assets like you house to the lender as collateral. Many people choose this type of loan due to many benefits like lower interest rates, long repayment time and easy terms and conditions. But your asset is under threat if you cannot make timely payments. Your asset can be taken over by the lender and thus you lose the possession of it.

Unsecured personal loans do not have any risk since you are not pledging any asset. But you pay more interest due to higher interest rate, short repayment time and rigid terms and conditions. If you are a tenant or homeowner who does not want to take the risk with your property, choose this type of loan.

We work with a partner that offers unsecured loans starting at 6.5% but you have to have a very good credit history - a credit score of 700 or above. Also the loans start at $10K so I don’t know if this would help.

The only place I could even imagaine that would give you a lower interest rate than that for an unsecured loan would be family or friends. Banks, credit unions, etc. are,at the minumum,11.50% for A credit with established credit. Good luck.

If you are not currently a member of a credit union you may want to check it out…Credit unions require that you have some membership qualification such as you have a family member in the military or that you live in a certain county, but ask around they often have more cunsumer friendly rates