UK Personal Loan

A Personal Loan is usually a loan taken out by an individual and used for personal reasons rather than say business purposes.

It could be used for something like decorating your home or plastic surgery for yourself. A personal loan may or may not be secured on your home depending on your circumstances.
A Personal loan is based on a consumer's income, debt and credit history, if the borrower is a homeowner then they could choose to have a secured loan. Secured loans usually come with a better rate of interest because of the security ( the property) the lender has should repayments not be made.

If you are a homeowner then you can get a secured personal loan and if you are a tenant then you can get a personal tenant loan. If you fail to make repayments your home is used as collateral. The lender can take possession of your property and re sell it in order to recoup any debt they are owed.
Secured Personal Loans are considered to be a lower risk to lenders, this is the reason why interest rates charged on them are better.

There is also the option of a Personal Debt Consolidation Loan. This loan is used when you have several debts, such as credit cards and personal loans, but you are finding it impossible to make full repayments on them all each month. You can consolidate the debts (bring together) and restructure payments so that you pay only one payment per month and to make things even easier for you, you could even lengthen the loan period, this would leave you with a smaller repayment to make each month.