A personal loan lets you borrow money from a lending business or bank either using an asset as a security or with an unsecured loan.

Typically, you have the option of choosing between a fixed rate or variable type of loan and may be able to borrow up to $100,000 for a term between 1 and 5 years (fixed rate) or 1 and 7 years (variable).

For more information on what banks typically require to approve a loan, you'll want to learn more about the three C's of lending.