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A Look at Common Types of Loans
People sometimes wonder about common types of loans, especially with all of the different types of loans available.
There are many common types of loans that may fall into the same categories, as well as some common types of loans that are only different in one or two small ways.
Below are the descriptions for several common types of loans, including some of the factors that may restrict who is eligible for the loan and how much interest different individuals might have to pay for the loan.
Of course, this doesn't cover all of the loans that are offered… only the loans that you are most likely to encounter.
Secured and Unsecured Loans
Most if not all common types of loans fall into one of two categories… secured loans and unsecured loans.
Secured loans are those loans that use some object of value, which is referred to as collateral, as a guarantee of repayment and a method of offering lower interest rates.
Unsecured loans, on the other hand, require no collateral but almost always have a higher interest rate than secured loans.
Both of these types of loans may be affected by your credit rating, and secured loans may be affected by the value and type of your collateral.
Student Loans
Student loans are one of the common types of loans that provide money for a person to continue their education. These loans are often supported by the government, allowing them to be unsecured loans while maintaining lower interest rates. Many student loans have a deferred repayment option, allowing the student to put off repaying the loans until after they've finished school.
Auto Financing
Another of the more common types of loans is auto financing, which is a secured loan that is used to purchase a car, truck, or other vehicle. The vehicle that is purchased serves as the collateral for the loan, allowing a person to purchase the vehicle without having to put up additional collateral to secure the loan.
Since most vehicles are higher value items, auto financing is often available to individuals of a variety of credit ratings.
Mortgage Loans
Mortgage loans are loans that are used to purchase or refinance a house or real estate, and are one of the most common types of loans. Much like auto financing, mortgage loans require no additional collateral since the purchased property serves as the collateral to secure the loan.
Mortgage loans tend to vary in interest rates and repayment terms, with common repayment options sometimes lasting as long as 30 years for larger mortgages. These loans can be gotten from a variety of lenders, including standard banks, finance companies, and online lenders.
Homeowner Loans
Very similar to mortgages, homeowner loans are loans that are taken using a house or other piece of real estate as collateral.
The major difference between homeowner loans and mortgage loans is that homeowner loans are taken out on property that the borrower already owns, and uses equity (which is the portion of the property's value that's already been paid for) as a major determining factor in interest rates and other loan terms.
Most individuals who own a home or real estate can qualify for homeowner loans (with sufficient equity), regardless of their credit rating.
Like mortgage loans, homeowner loans can be obtained from traditional banks, finance companies, online lending services, and other lenders… a growing trend in recent years, however, is for homeowner loans to be gotten via online services because of the increased convenience and anonymity of online lenders.
You may freely reprint this article provided the following author's biography (including the live URL link) remains intact:
About the Author
John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the www.directonlineloans.co.uk website.
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| Cheap Loans | car, personal & secured homeowner loans ... |
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| Loan Center - Yahoo! Finance - News, Education, Daily Rates and ... |
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| Personal Any Purpose Loans : Loans.co.uk : Personal Loans UK |
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| FinAid | Student Loans |
| An education loan is a form of financial aid that must be repaid, with interest. ... The interest rate on the Stafford Loan for new loans first disbursed ... |
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| GovLoans.gov - Find the Right Loan for You |
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| Loan - Wikipedia, the free encyclopedia |
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| Mortgages, Refinance, Home Loans, Home Equity Loans at Quicken Loans |
| Online lender offers simplified residential loans and competitive mortgage rates. Headquarters in Livonia, MI. |
| www.quickenloans.com |
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| Mortgage Loans - Compare Mortgage Rates - MSN Money |
| Get a mortgage loan that’s right for you. Compare mortgage loan rates of top lenders. |
| moneycentral.msn.com |
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| The Student Loans Company Ltd. |
| Provides details of the Student Loans system which is part of the Government's financial support package for students. |
| www.slc.co.uk |
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| Sallie Mae - Private Student Loans, Stafford, PLUS, Student Loan ... |
| Apply online for federal and private student loans, consolidate student loans; financial aid and scholarship information for college, graduate school and ... |
| www.salliemae.com |
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| Loan Guaranty Service, Home Page (U.S. Department of Veterans Affairs) |
| This page provides content and information related to the Loan Guaranty Home Loan Program. |
| www.homeloans.va.gov |
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| Fool.co.uk - Compare Loans - Personal Loans and Unsecured Loans |
| Compare over 200 UK loans including personal loans, secured loans, and unsecured loans. Search all loans and apply online. |
| www.fool.co.uk |
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| LendingTree Home Loans | Refinance | Home Equity | Mortgage Refinance |
| Service network of lenders that enables consumers to compare rates, apply for and get approval for competitive auto loans online. |
| www.lendingtree.com |
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| Direct Loan Home Page |
| The US Department of Education's lending arm for students in participating schools and student loan consolidation. |
| www.ed.gov |
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| Personal, home equity loans for union members at Union Plus |
| Union Privilege offers Union Plus benefits -- including credit card, mortgage, loans, insurance, scholarships, health care savings and other discounts -- to ... |
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| Countrywide Financial - Home Loans - Equity Loan Mortgages ... |
| Countrywide Home Loans is the nations largest independent mortgage lender offering home equity, HELOC, refinance, mortgages, debt consolidation and other ... |
| my.countrywide.com |
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| Secured Loans UK - Secured Personal Loans - accepted.co.uk |
| We search over 200 secured loan plans to find the best deal from our lenders - accepted.co.uk. |
| www.accepted.co.uk |
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| UK Loans : Personal Loans, Secured Loans, Cheap Loan Quotes |
| The UK Personal Loan Store offers comparisons of the UK loans, personal and secured loans. Also offers tips, articles and latest loan news section. |
| www.ukpersonalloanstore.co.uk |
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