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Which loan is which?

Written by: Karin Boode

Here is a summary of some of the most common loans available today.

Home Equity Loan

A loan based on the difference between the present value of your home and its original price, less any unpaid balance on your mortgage. If your home is worth more now than it was when you bought it, that extra equity is considered to be collateral for this loan. You can receive the entire principal as a lump sum or opt for a home equity line of credit that allows you to pay only interest on money you've actually spent. Look for a no-fee home equity loan at a competitive rate of interest that allows you the option of just paying interest each month and does not require any repayment of the principal for 10 or more years. Although home equity loans are attractive because the interest you pay is tax-deductible, keep in mind that the lender can sell your home if you fail to repay the loan. If possible, try to repay a home equity loan in two to three years.

Payday Loan

Payday loans go by several names including cash advance, check loan, or post-dated loan. These are all the same type of short-term loan for amounts between $100 and $1000 depending on your financial situation. Payday loans are for small financial emergencies. You can save money on late charges or bounced checks by securing a cash advance against your next payday. You usually have thirty days to pay back the loan, although with additional fees you can take longer to pay back the loan. To apply for a loan you must have a job and a bank account with a check book. A poor credit rating or debt history is initially not a problem.

Auto Loan

This type of loan uses your car as collateral. The vehicle will belong to you at the end of then finance period with no residuals to pay. Until that time most lenders will keep the legal title to the vehicle in their name. If you can't make payments, the lender may be able to repossess your car and sell it. It may not be a bad idea to borrow money to buy a car if you intend to keep it for a long period of time and you can't or don't want to lay down cash for it.

Personal Loan

There are two categories of personal loans: secured and unsecured loans. The difference between the two is the use of collateral against the loan. Secured loans, using your belongings as security against the loan, are suitable for when you are trying to raise a large amount, are having difficulty getting an unsecured loan, or have a poor credit history. In an unsecured loan, the lender solely depend on the ability of the borrower to meet their loan borrowing repayments. These type of loans, generally, involve less money and need to be paid off in a shorter amount of time.

Business Loan

A business loan is designed for a wide range of small, medium and startup business needs including the purchase, refinance, expansion of a business, development loans or any type of commercial investment. Business loans are generally available at highly competitive interest rates from leading commercial loan lenders. A business loan can be secured by all types of collateral, varying from business properties to personal belongings.

About the author:

Karin Boode is the founder of the Loan Info Center, who strives to provide valuable information regarding any type of loan via the http://www.loan-infocenter.com website.

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