#1
January 25th, 2016, 08:38 AM
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Different Kinds of Loans
Hey buddy can you please tell me how many types of loan are there offer by the various organization for there customers?
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#2
January 25th, 2016, 08:57 AM
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Re: Different Kinds of Loans
Buddy I would like to tell you that there various types of the loans offer by the companies for there customers for that I will get the information so that you can have idea. Here are the various types loans customer prefer to have Student Loans Student loans are offered to college students and their families to help cover the cost of higher education. There are two main types: federal student loans and private student loans. Mortgages Mortgages are loans distributed by banks to allow consumers to buy homes they can’t pay for upfront. Auto Loans Auto loans are can help you afford a vehicle, but you risk losing the car if you miss payments. This type of loan may be distributed by a bank or by the car dealership directly Personal Loans Personal loans can be used for any personal expenses and don’t have a designated purpose. This makes them an attractive option for people with outstanding debts, such as credit card debt Loans for Veterans The Department of Veterans Affairs (VA) has lending programs available to veterans and their families. Small Business Loans Small business loans are granted to those persons who want to start or expand a business. The best source of small business loans is the U.S. Small Business Administration (SBA), which offers a variety of options depending on each business’s needs. Payday Loans Payday loans are short-term, high-interest loans designed to bridge the gap from one paycheck to the next person. Borrowing from Retirement & Life Insurance Those persons with retirement funds or life insurance plans may be eligible to borrow from their accounts. This option has the benefit that you are borrowing from yourself, making repayment much easier and less stressful. Consolidated Loans A consolidated loan is meant to simplify your finances. It means fewer monthly payments and lower interest rates. Consolidated loans are typically in the form of second mortgages or personal loans. Borrowing from Friends and Family Borrowing money from friends and relatives is an informal type of loan. This isn’t always a good option, as it may strain a relationship. To protect both parties, it’s a good idea to sign a basic promissory note. Cash Advances A cash advance is a short-term loan against your credit card. Instead of using the credit card to make a purchase or pay for a service, you bring it to a bank or ATM and receive cash to be used for whatever purpose you need. Cash advances also are available by writing a check to payday lenders. Home Equity Loans If you have equity in your home – the house is worth more than you owe on it – you can use that equity to help pay for big projects. Home equity loans are good for renovating the house, consolidating credit card debt, paying off student loans and many other worthwhile projects. |
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