There are roughly three different types of loan.

Unsecured Loan

This type of loan is suitable for non home owners, people renting or living with parents, or people who do not want a loan secured against their property. Often the amount you can borrow is less than a secured loan.

Secured Loan

This type of loan, often called a Home Loan, is secured against your property. The benefits are that you usually get a better rate of interest, the amount you can borrow is normally higher than an unsecured loan, and having a credit history that is less than perfect is not such a problem. The downside is that you may lose your home if you fail to keep up repayments.

Pay Day Loan

These loans are suitable for people with no assets and who may have a bad credit history, and who need some cash until the end of the month. Pay day. These very short term loans can help when nobody else will. They could stave off penalty charges and help with cash emergencies. The downside is that the interest charged is the highest in the industry, the amount that you can borrow is low and pay day loans should be used with caution.

 

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