Looking to consolidate debt? Take a vacation? Make a big purchase? A personal loan might be the answer. A personal loan is an unsecured loan that can be used for anything you need that requires a little extra cash. Unsecured means there’s no collateral (like with an auto or home loan). This represents a higher risk to the lender, but that doesn’t mean rates will be sky-high, and interest rates on personal loans aren’t one-size-fits-all.