Before you charge off and attempt to get a personal loan, take a minute to inform yourself about the different types of personal loans that may be available to you.

The first type of personal loan is called the Secured Personal Loan. In a secured personal loan you must pledge collateral in order to obtain the loan. Collateral is property that the lender can seize if you fail to replay the loan. Often the collateral for secured personal loans is a house.

Another type of personal loan is the Unsecured Personal Loan. There is no collateral pledged with this type of loan. Because all the lender has is your promise to repay, be prepared to pay a much higher rate of interest with this kind of personal loan.

If your credit is bad then you may have to apply for an Unsecured Bad Credit Loan. There's no collateral and since your credit is also bad, this type of loan will have a very large interest rate.

Another type of personal loan is the Guaranteed Personal Loan. There is no collateral but you must have good credit and income to successfully apply for for this type of loan.