 TITLE: What Are the Different Types of Personal Loans? CONTENT: ### Debt Consolidation Loans\nOne common type of targeted personal loan—and a common reason people take out personal loans—is a consolidation loan to consolidate debts that have higher interest rates. For example, Payoff offers personal loans that can be used to pay off credit card balances. By moving the debt to a lower-rate personal loan with a fixed repayment term, borrowers can save money while also having a more structured repayment plan. Some lenders, such as Upgrade, can send your loan directly to your credit card issuers or other lenders. END