Payday Loans

Payday loans (also called a paycheck advance) are small, short-term loans that are intended to cover a borrower's expenses until his or her next payday. The loans are also sometimes referred to as cash advances, though that term can also refer to cash provided against a prearranged line of credit such as a credit card.

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Student Loans

Student loans are loans taken out for the purpose of financing an education. Depending of the exact terms of the loan, the loan term can vary. Student loans are typically unsecured.

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Homeowner Loans

Homeowner loans are a type of secured loan in which the borrower's home secures the loan by acting as collateral. This lowers the interest rate that the borrower must pay by making the loan less risky for the bank.

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Car Loans

Car loans are loans taken out for the purposes of purchasing an automobile. They are typically secured by the automobile that is purchased for the loan. The loan term is usually between three and ten years.

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Bad Credit Loans

Borrowers with poor credit histories due to frequent late or missed payments or even defaults pay be forced to take out bad credit loans. Bad credit loans are essentially loans given to people with poor credit histories. They often require collateral and/or charge higher interest rates than other loans

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Tenant Loans

Unlike a homeowner, renters or tenants do not have real property with which to secure their loans. Tenant loans are therefore a type of unsecured loan made to renters. Because they are riskier for the bank, they often require that the borrower pay a higher interest rate.

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Business Loans

Business loans are loans that are taken out to fund a new business so that it may buy equipment, begin marketing its services, etc. Because new businesses do not usually have substantial assets, these are typically unsecured loans. In addition, the bank may examine the particulars of the business before making the loan to determine the likelihood that its money will be paid back. In this case, the business plan and the credentials of the business founders take the place of the credit history in determining the loan terms.

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Secured Loans

Secured loans are loans that require the borrower to put up "collateral," or real assets such as a home or a car, to "secure" the loan against default by the borrower. If the borrower does not pay back the money that they have borrowed, the bank can take possession of the collateral to defray their losses. Because these loans protect the bank from losses in case of default, they often have lower interest rates than unsecured loans, or loans not secured by collateral.

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