A personal loan is a fixed-rate, unsecured loan typically from $1,000 – $100,000. Personal loans can be used for any of your financial needs – from debt consolidation and credit card refinancing to home improvements and weddings. When you borrow a personal loan, you receive a lump-sum payment upfront, and then you pay off the personal loan in monthly installment payments. The typical repayment period for the best personal loans are one to five years, although some personal loan companies may allow for shorter or longer time periods.