Loans
Finding the right loan will save you money
Whether you are looking for a personal loan, a home loan, a car loan or another type of loan, there is always a solution. Today more than ever, there are online lenders who specialize in flexible loan programs structured to meet your financial needs.
Finding the right loan will save you money. Shop and compare loan offers before making a final decision. Always make time to read the fine print. Don’t be intimidated, help is readily available.
Essentially, there are two types of loans; secured loans and unsecured loans. Secured loans are loans in which you, the borrower, pledges some sort of collateral. Unsecured loans are not backed by any collateral. You borrow money on the strength of your good credit and ability to repay alone.
Auto loans are a secured loan in which the collateral is the vehicle you purchase.
Personal loans, secured or unsecured are loans made for a fixed purpose between a lender and a borrower.
Mortgages are also a secured loan in which the collateral is the real estate you buy.
Home equity loans are simply a secured loan for a fixed amount in which the collateral is your home. In some cases, the interest on this loan may be tax deductible.
Home improvement loans are a type of secured loan where the borrower may only spend the money on home improvements. The borrowers’ home serves as collateral for the lender. The interest on this type of loan may be tax deductible.
Student loans are for college expenses and are underwritten by the U.S. Government. The loan is granted to the student. Payment is deferred until the student has completed school.
A personal line of credit is an unsecured loan allowing the borrower access to funds up to a fixed credit limit.
Home equity line of credit is a secured loan in which the lender agrees to lend a maximum amount of credit and the borrower’s equity in their house serves as collateral.
Credit cards are also unsecured loans. Offering a line of credit, you may borrow against this amount by presenting a plastic card to merchants when purchasing items. You may make more than one purchase, up to your credit limit.
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