The types of loans that are available to consumers are:
- Personal loans can be in two forms which could be a secured and unsecured, the Secured loans form is one that a collateral is been required to get, and in case of failure for repayment it can be loose to the lender.
- Auto loans are loans that can be gotten to buy a vehicle and in most cases the repayment terms is usually between three to seven years where the collateral is the vehicle itself and incase of failure to repay one can forfeit the car.
- Mortgages help in the purchase of a home.
What is a loan?
loan can be regarded as the financial term, that involve the lending of money to individuals, organizations, or other entities by the financila institution.
Other types of loans are:
- Student Loans.
- Mortgage Loans.
- Home Equity Loans.
- Credit-builder Loans.
- Debt Consolidation Loans.
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