Installment loans is a blanket term that covers any kinds of loans that allow you to borrow a lump sum and pay it back in agreed upon monthly installments over a set number of months. Within this broad category, there are both secured loans and unsecured loans. A secured loan is one for which you must provide collateral, like an auto loan or a mortgage. Because of this collateral, lenders can offer lower interest rates for a secured loan. Personal loans are unsecured loans. You do not need to provide collateral, but interest rates will be higher as a result.