Personal loans can be your best friend and can help you to tackle any financial distress, especially in times of emergency. The fact that you don’t require any collateral or security to apply for a personal loan makes it the best resource for funds. Along with that, you can avail the loan in as quick in a few hours. Thus, it can be your emergency fund as well as. Here are some situations when it is good to take a personal loan. People can also apply for personal loan at the same time.