There are many different type of loans that are available and a lot of individuals are always unaware of this or are confused by this. This article is a helpful guide that discusses a few of the common loans which are available today.
Personal loan for bad credit. This is a type of loan which is designed for the people who have a bad credit rating. Your previous records of mortgages, county court judgement and other loan arrears can prevent you for having an easy access to bonsai finance that many people regard as normal. A home owner with an equity in his or her property, can bring back that normalcy into their life by using a bad credit personal loan.
Bridging loan. Just like the name suggests, a bridging loan is mainly used to bridge the financial gap. Bridging loans are mostly short term loans. When you want to buy a house but you do cannot arrange for a mortgage, you can apply for this loan. 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.
Loans for business. A business loan is a loan that is designed for startup, small and the medium business requirements. A few examples are purchase, business expansion, refinance development loans and any kind of commercial investment.
A car loan. There are two main types of car loan. The two types are manufacturers’ scheme and hire purchase. The higher purchase cars are generally arranged by the dealers. This simply means you are hiring the car until you have finished the payment. The manufacturers’ scheme on the other hand is advertised by the car manufacturers. You will not own the car until you have paid your loans without credit check.
Cash loans. These can also be referred to as payday loans. They are mainly arranged for individuals who are employed but find themselves in need of immediate funds. 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. However, one can renew the 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 one to consolidate every loans into one and then provides a payment plan that is manageable.
A student loan. Getting a student loan is like borrowing money to pay for your higher education. Application can be made through the 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.