An unsecured personal loan allows you to borrow between $1,000-$15,000. These loans can be paid off during the course of 1-6 years and normally do not require a collateral such as a car, a house, etc.
To qualify for an unsecured personal loan, you must meet certain credit score and income requirements. Normally these unsecured loans have a fixed rate and competitive interest rates. Because the funds are deposited directly into your account, these personal loans could be used for virtually anything, just like cash.