 TITLE: What Are the Different Types of Personal Loans? CONTENT: ### Unsecured Personal Loans\nMany personal loans are unsecured loans, meaning you don't have to offer collateral the lender can take possession of if you default on the loan. Unsecured loans may be less risky for borrowers because you won't lose any possessions if you can't afford a payment, but they may have higher fees, interest rates and credit requirements than secured loans.\nLenders that offer unsecured personal loans may specialize in lending to borrowers with good credit—SoFi, for example. Others, such as Avant, are open to borrowers with fair credit or better. END