An online personal loan is one of the easiest available credit products today. Several banks and non-banking financial companies offer personal loans to eligible individuals. To get approved for a successful personal loan application, applicants should plan what the loan purpose is for, such as medical emergencies, weddings, education, or travel. Personal loan interest rates are generally high, so applicants should compare rates across lenders. No collateral is required for a personal loan, but applicants need to have a good credit score and income, as well as a history of managing finances well. Common documents required include ID proof, address proof, and income proof.