If you need money to meet basic expenses, like taking a vacation, purchasing a car or funding your sweet wedding, you may probably consider applying for a personal loan. A personal loan is issued by the credit union, a bank or even private lender. There is no need to put up any collateral such as your car or your house that the lender will take it if you default. But remember that a personal loan will come with conditions such as high interest rates. Typically, there are two types of personal loans, secured loans and unsecured loans. Secured loans have a lower interest rate, but you must use an asset for collateral. Unsecured loans have a higher interest rate but not valuable asset is required for collateral.Your credit needs to be checked first when qualify for a personal loan. If you have good credit score, then you can qualify for a higher loan amount, a more flexible repayment schedule and a lower interest rate. But if you have a bad credit score or have no credit score. You can qualify for only a small loan amount with a stricter repayment schedule and a higher interest rate.Whether you can qualify for a better personal loan or not mostly depend on your credit score. And your credit score also is a key that can help you find the right lender. If your credit score is below 700, you are either expected to be rejected by most major banks or required higher interest rates. If your credit score is below 640, you are not qualified for a personal loan with conventional lenders. And remember not to apply for a personal loan which you know you are not qualified for until you have enough credit score. Anyway, if you’ve been a customer of the credit union or your local community bank for a while, these institutions will be your best option because you can get the best loan amount and interest rate. Don’t apply for a personal loan at credit unions, multiple banks, and peer-to-peer lending sites. Your credit scores will ding. In addition, before applying for a personal loan, you should ask about amounts, rates and repayment schedules.