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There are some important things about Personal Loans you should know before you decide whether or not to get this type of loans.  The moment you have completed the formalities for taking personal loans, the banks will give you the sum of money, which will be repaid over a period of time.  Keep in mind that the longer the period of repayment is, the lesser the interest rate will be.  Anyway, remember that the lenders must inform you of the rate of interest that they would be charging you.  The interest rate can be fixed or floating.  When it comes to personal loans, the banks or lending companies should inform you if there are prepayment penalties.