There was a time when you could just walk into your local bank and ask for a personal loan, but those days are all but over. Even if you own your own home and have substantial and documented equity in it, you may have trouble getting a loan, even an equity loan. Banks are very tight these days after being burned by so many foreclosures, so now if you want a good personal loan interest rate, you have to look elsewhere.

There are several types of personal loans that you can get. The most common type of loan is an unsecured loan. This means that you will probably have to have a good credit score in order to get it. “Good” these days is over 700, and sometimes over 750. Most of us do not fall into this category. In fact, if your credit score is that good, you probably don’t need a loan anyway.
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