Personal loans have many advantages. Firstly, you can save money by refinancing credit card debt or payday loans with personal loans since personal loans usually have lower interest rates. Since unsecured loans do not require any collateral, you do not have to own anything to get the loan. The money can also spent on whatever you want. The application process for personal loans is also very simple. You can apply via Internet and the bank will respond you shortly after. The money will also be transferred quickly to your account, if your loan application is accepted.