Personal loan is a vague term that can be used to describe many different types of loans. While the term personal loan can be applied to all consumer loans such as mortgages, equity loans and lines of credit, it is best used to describe signature loans. Signature loans are loans that can be used to pay for anything other than business expenses. Unlike most loans, signature loans are unsecured loans, which means the lender has nothing to take if you default on your loan. To see which type of personal loan works best for you, read our Personal Loan Guide.