There are two different types of personal loans secured and unsecured types. When opting for secured loans you may get the amount only after furnishing the collateral security. When opting for unsecured you may not need to furnish collateral. Secured personal loans are always considered as ideal choice in case you need big amounts. These types are also low interest rate loans. In case a default occurs, the lender may use the collateral security to settle the loan amount. But when collateral is absent the interest rates are usually very high. In case a default happens lender finds it hard to recover the loan amount. You can always approach different financial institutions and societies for obtaining personal loan of these types.