Personal loan - is an amount of money which people borrow from a bank, building society or some other lender. Ordinarily, people will receive a lump sum.
In return, they agree to make regular repayments, usually monthly. Assuming they've taken out a repayment loan, which will usually be the case, some of the money they repay will go towards servicing the loan, and the rest of their payment will be used to pay off capital and reduce the outstanding debt.
For more information on personal loans please see the link below to 'A guide to borrowing from your bank'.
A guide to borrowing from your bank (Internal Link)