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A personal loan is a loan that can be designated for any number of personal expenses. There are two types of personal loans available: secured personal loans and unsecured personal loans. A secured personal loan is one that uses collateral, such as a house or car, to back the loan. To be eligible for unsecured personal loans, which are by far much more common, you don't need to put up any kind of collateral. You can apply for a personal loan at any bank, building agency, or other official lender.

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