Most people are either confused or they are not aware of the different types of loans available. This article is a helpful guide that discusses a few of the common loans which are available today.
Bad credit personal loan. The bad credit personal loan is a type of loan which is specifically made for people with a bad credit ratings. Your past records of mortgages, county court judgements and any other loan arrears will live to deny you easy access to bonsai finance which other people think as normal. A property owner with an equity in their property can use a bad credit personal loan to bring back some normalcy in their lives.
The bridging loans. Just like the name suggests, a bridging loan is mainly used to bridge the financial gap. A bridging loan is a short term loan. This type of loan is most arranged if one want to purchase a house but they are unable to arrange a mortgage. Basically what the bridging loan does is that it covers the financial gap when one is purchasing a property before the old property is sold.
Business loans. Business loans are designed for a variety of startup, small and medium needs. A few examples are purchase, business expansion, refinance development loans and any kind of commercial investment.
A car loan. There are mainly 2 types of car loans. The two types are manufacturers’ scheme and hire purchase. The higher purchase cars are generally arranged by the dealers. This generally means you will be hiring the car until you have finalized the payment. The manufacturers’ scheme on the other hand is advertised by the car manufacturers. Unless you have paid your loans without credit check, you cannot own the car.
Cash loans. Cash loans are also called payday loans. Cash loans are given to employed individuals who find themselves in urgent need of cash. They are mostly loans with no credit and are repayable on the next payday. These are loans with no credit and are due on the next payday. Cash loans are loans with no credit which are to be paid on the next payday. But it is possible to renew this loan until a subsequent payday. You need to have a cheque book and bank account and be employed to qualify for a cash loan.
The debt consolidation loans. A debt consolidation loan gives one a fresh start. It allows you to consolidate all the no credit check installment loans into one, and gives you a payment plan which is easy to manage.
Student loan. A student loan is simply borrowing money to assist with the cost of higher education. One can apply through a local education authority. You can start with the payment once you are through with your higher studies and your income has gotten to a certain level. Once you have finished your education and have a salary that has reached a particular level, you can start paying the loan. The loan payments are made after you have finalized your education and have a job with a certain salary level.