A personal loan is often referred to as an ‘unsecured personal loan’ because you can use the money to then pay for whatever you personally need it for. Lenders generally require a good credit score and credit history for an unsecured loan; exact requirements vary by bank. You can ask to borrow a large sum of money and the loan lender doesn’t have the security of a high value item to guarantee that the money they lend you will be repaid. Which makes it ‘unsecured’ for the lender.
Personal loan interest rates vary by bank. Some banks use a variable rate linked to EIBOR plus a margin set in that bank's own contract with the client. Actual rates and structure are set solely by the relevant bank.
You’ll find that the monthly interest rate you pay on your ‘Unsecured’ Personal Loan monthly repayments will be higher than on a ‘Secured’ Loan. It can also change at a certain time of the year because it will be on a variable rate.
Disbursement timing is determined by the relevant bank and varies by product and provider. You can make your purchase or pay your debts quickly
Meeting your repayments on time may help maintain a positive repayment history, as reported by the relevant bank.