Many people are confused by the different types of loans available. Here is a helpful lending guide to the most common loans available today.
Personal Loan with Bad Credit
A personal loan with bad credit is a loan designed for many people with a bad credit rating. Regardless of how it was created, your past history of county court rulings, mortgages or other loan delinquencies can continue to deny you access to financing that others consider normal. If you own a home with equity in your property, a Personal Loan for Bad Credit can restore that normalcy to your life. Secured on your home, a Personal Loan for Bad Credit can give you the freedom, for example, to make the home improvements or buy the new car you really wanted.
A commercial loan is designed for a wide range of small, medium and new business needs, including purchasing, refinancing, business expansion, development loans or any type of commercial investment. Commercial loans generally carry highly competitive interest rates from major commercial loan lenders.
The main types of auto loans available are the rental purchase and manufacturer’s schemes. Auto dealers arrange financing for the purchase of rental vehicles and, in effect, means you are renting the vehicle from the dealer until the final loan payment has been paid, when ownership of the vehicle is transferred to you.
A manufacturer’s plan is a type of loan that is developed and advertised by the car manufacturer and can be arranged directly with the car manufacturer or through a local car dealer. You will not own the vehicle until you have paid off the loan in full, and the car will be repossessed if you fail to make the payments.
A mortgage loan is a loan secured by your home. You can unlock the equity in your property with a secured mortgage loan.
The loan can be used for any purpose and is available to anyone who owns your home. Mortgage loans can be used for any purpose, such as home improvement, new car, luxury vacations, store card or credit card debt repayment and debt consolidation.
Home Improvement Loan
A home improvement loan is a low interest loan secured on your property. With a home improvement loan. The loan can be repaid over any term between 5 and 25 years, depending on your disposable income and the amount of equity in the property that will provide the security for the loan.
A home improvement loan can help you with a new kitchen, bathroom, extension, loft conversion, greenhouse, landscaping or new furniture. You can even use it for non-household expenses, such as a new car or paying off credit cards or other debt.
A homeowner’s loan is a loan secured by your home. You can unlock the equity in your property with a secured homeowner loan. The loan can be used for any purpose and is available to anyone who owns their home. Homeowner loans can be used for any purpose, such as home improvements, new car, luxury vacations, store card or credit card debt repayment and debt consolidation.
There are two categories of personal loans: secured personal loans and unsecured personal loans. See individual titles below. Homeowners can apply for a personal secured loan (using their property as collateral), while renters only have the option of a personal unsecured loan.
A student loan is a way to borrow money to help with the cost of your higher education. Applications are made through your Local Education Authority. A student loan is a way to receive money to help you with your living costs when you are in higher education. You begin repaying the loan once you have finished school, as long as your income has reached a certain level.