Types of Loans

Personal loan amounts range from $1,000 up to $35,000 and repayment terms generally range from one to five years. Rates likely fall between 6 and 36 percent and personal loans are unsecured loans, which means you can borrow money with no collateral based on your credit. Personal loans deliver a lump sum to the borrower, unlike open-ended credit lines like HELOCs or credit cards. Uses for personal loans include debt consolidation, education expenses, weddings, vacations, or paying off credit cards.

A mortgage refinance replaces your current mortgage with a new one, hopefully with a better interest rate or terms. In order to refinance your mortgage, you will need equity in your home, as well as a good credit score. There are two main types: cash-out refinance and traditional mortgage refinance.

A home purchase loan is referred to as a mortgage. This type of loan is used to purchase real estate, and if the borrower defaults, the lender can foreclose and sell the property to pay off the loan. There are multiple types of mortgages, including fixed rate or adjustable rate, jumbo or conforming, conventional or government-backed, and prime or sub-prime.

Home equity loans let you exchange equity in your home for cash. Equity is the difference between fair market value of a property and the balance of the mortgage owed against it. Home equity loans have fixed interest rates and are fully amortized, and the interest you pay on the loan is tax deductible.

There are multiple types of car loans – including secured, unsecured, and title loans. Auto loans can be used for both new and used cars.

Student loans can be applicable to associates, bachelors, masters, and PhD degrees. Because most students don’t have established credit, most lenders won't penalize borrowers for student loans – but a cosigner with good credit can help. Student loans can be federal, state, or private loans. Other options include PLUS loans, in which the parent is responsible for paying the loan back.

Debt consolidation is the process of combining debts into one loan with a lower interest rate and merging multiple payments into one payment. There are multiple types of debt consolidation loans: balance transfer credit cards, cash-out refinance, home equity loans, personal loans, and student loan consolidation.

There are 11 different types of business financing. Business loans can be difficult to get, and typical application requirements include your personal credit history, business credit score, business plan and finances, and collateral. Options within this category include Small Business Administration (SBA) loans, which are private loans that are guaranteed by the government.

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