There are several varieties of unsecured signature loans. Some signature loans are smaller in size, $1500 and less. Some are larger, usually up to $5000. And then there are those that are $10,000 or even $25,000. The smaller loans, those up to $1500, are often known as payday loans. These loans let people borrow for a very short time to meet their obligations in between paychecks. The money received from the various types of signature loans can be used for any reason whatsoever. People usually use payday loans to pay their rent, mortgage, or utility bills that are due before their next paycheck. Many payday loan lenders specialize in offering signature loans for bad credit individuals.