 TITLE: What Are the Different Types of Personal Loans? CONTENT: What Is a Personal Loan?\n------------------------\nA personal loan is an installment loan that's given to a borrower without a requirement to use the money for a specific purchase. In contrast, when you take out a loan such as an auto loan, student loan or mortgage, you're restricted to using the money for those express purposes.\nSome lenders let you check your personal loan offers online without any impact to your credit scores. When you apply, you may need to share your personal and financial information and agree to a hard credit pull, which can have a small, temporary negative effect on your credit scores. If you qualify, you may be able to choose between several offers with varying repayment periods, interest rates and monthly payments.\nPersonal loans generally have fixed interest rates, and monthly payments that stay the same for the life of the loan. Some lenders charge an upfront origination or administration fee that you won't get back. You can also generally repay the loan early without being charged additional fees or penalties. END