Personal loans are like any other loan. This loan is best suited for salaried people. Like any other loan you will have to pay back your loan in monthly, fortnightly or weekly repayment for an agreement with the lender. You need a personal loan to meet your short term and long term financial needs. Then you have to evaluate your suitability for the loan where you apply for the loan, and if the approved lender will send you the funds for the loan. Repayment will include main loan amount fee and interest linking. If you make a payment as stipulated in your loan contract, the total loan will be repaid at the end of your tenure.