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When you find yourself in a position where you need money, you may find that getting a loan is the simplest option. The tough question is where to borrow and what type of loan should you get. There are a ton of avenues for consumers these days when you're looking to borrow money, but not every loan offered is beneficial to you as a consumer, so it pays to do some research upfront to find out your options, qualifications and rates you might qualify for.

A personal loan is a debt taken on by a consumer; they can range in size, terms and conditions. A personal loan can be a mortgage, home equity loan or mortgage refinance. Basically it's an arrangement by which an individual borrows money from a bank.

There are other personal loans that are smaller such as a signature loan or an unsecured personal loan. These smaller loans will require repayment much faster then let's say a 30 year mortgage loan. The way banks and businesses make money is they charge interest, which is basically a percentage of the balance of the loan