A personal loan is an amount of money offered, normally by lending institutions such as banks and building societies, on condition that it will be paid back at some later date. Personal loans are available in a whole host of formats and can range from £500 upwards.

One main difference between a personal loan and a home loan is that most personal loans are unsecured. So, that means that there is no collateral provided and only guarantee that a borrower can give lender is his reputation for good credit. This is also one of main reasons why personal loans have interest rates that are a percentage higher than most other loans.

A personal loan is money you borrow from a bank, building society or other financial institution. A personal loan is a loan that's not secured by personal property or collateral like a home or car.

A personal loan is available in varying amounts with different rates, usually depending upon purpose for which you require loan.

An unsecured personal loan is usually more expensive than homeowner loans as lender doesn't take a charge on your loan. In other words, with this type of loan, you do not guarantee it with your home.

You borrow an agreed sum of money for an agreed length of time, anywhere between five months and ten years. The lender offers you a personal loan because they make money by charging interest on it. The interest rate can be either fixed or variable. In most cases you'll get a decision within 24 hours.

1. Review and Protect Your Information - The first line of defense in financial fraud is to periodically check your credit report to ensure all your information is accurate. Remember there are three credit agencies (Equifax, TransUnion, Experian) which all operate independently. Make sure you check your credit report from all three because they may each have different information.

2. Age Matters - If you are over age of 50 you are more likely to be targeted for financial fraud. Therefore, keep this in back of your mind as you handle your daily tasks and personal information.

3. Monthly Bills – If your monthly bills stop arriving, take action quickly. Notify company right away. Also, review your monthly statements promptly and if you see charges or items on your bills that you do not recognize get them resolved immediately.

4. Social Security Number – Keep your social security number in a safe place with other financial documents. DO NOT carry your social security card in your wallet and remember to shred your old social security statements. It is also recommended to not store your social security number on your computer as hackers may have access to it. Never print your social security number on your checks, credit card or drivers licenses.

5. Incoming / Outgoing Mail - Pick up incoming mail promptly and do not send outgoing mail in your residential mail box. Make every effort to keep your mail as securely as possible when it leaves your house.