The Internet makes this process much easier these days. You can compare personal loans, search for the lowest rates in your area, and even apply for a personal loan or a debt consolidation service online.
Lets take a look at some of the most common loan types:
Fixed Rate Personal Loans
Interest rate and payments remain the same during the fixed term of the loan regardless of interest rate changes in the market. Some other expences, like property taxes and insurance, may change from year to year. Fixed rate personal loan is probably the best choice if you want predictable payments over the life of your loan.
Adjustable Rate Personal Loans
Typically starts at a lower rate but rates and payments fluctuate depending on market interest rates. Most are adjusted every year or every three years and within proscribed limits, all of which should be spelled out clearly in your loan agreement. An adjustable rate loan can be a useful tool when fixed rate loan rates begin to rise. It also would be a right choice if you expect rising income over the next few years.
Balloon Mortgages
A balloon loan is usually rather short, with a term of five to seven years, but the payment is based on a term of 30 years. At the end of the loan term there is still a remaining principal loan balance and the lending company generally requires that the loan be paid in full, which can be accomplished by refinancing. Balloon loans can be an excellent choice if you are looking for a lower interest rate and believe that you will be in a home for a defined period.
Jumbo Loans
A loan which exceeds the size limit set for purchase or securitization by the appropriate agency, such as FNMA or FHMLC. Rates tend to be slightly higher on this type of loan because lenders generally have a higher risk.
Ref: IRS.gov > Personal loans (general info on loans)
Ref: VA.gov > Personal loans (a note for veterans)
Ref: SBA.gov > Personal loans (a note for small businesses)