A business loan is a go-to solution for expanding a business or to start a new one. Business loans can essentially be categorized into two types—secured and unsecured loans. The basic difference between the two is the use of collateral in a secured business loan, while an unsecured business loan does not have an option for a collateral.

A debt consolidation loan is just a type of personal loan that a person may take in order to pay off or simplify existing debt. There are two types of debt consolidation loans namely – secured and unsecured. The difference between the two is that secured debt loans use collateral whereas unsecured debt loans do not use collateral.

There are some companies across the country that specialize in helping people who already have an existing title loan. People look out for companies to buy out their existing title loans for a number of reasons, which include lowering their interest rates, reducing their monthly payments, and falling back on their payments.

Home loans where older homeowners or people with small mortgages are not required to pay any periodic debt payments are called reverse mortgages. While taxes and insurance for the property that is a primary residence is still the responsibility of the homeowner, the home equity, or the difference in the market value and the outstanding balance of all the claims on the property, is enjoyed by them.

Short duration, high risk, and steep interest rate are some characteristics of a hard money loan. An asset-based loan, or in some cases, a desperate financial situation that calls for a hard money loan, is the last resort for owners of property in dire need of money. A way to borrow money for short terms of 1 to 5 years without using traditional mortgage lenders, or a loan not approved by traditional lenders for various reasons, hard money lenders provide loans against 65% to 75% of the current value of the collateral property.

Traditionally, installment loans were offered by banks and credit unions for the purchase of vehicles or homes. If you or your family have been a borrower of such a loan, you wouldn’t be a stranger to the amount of paperwork that is involved in it. From the number of phone calls or visits that are required from the first step of gathering information about lenders who provide installment loans to finally receiving the loan in your bank account, it is one tiresome process involving loads of documentation and formalities.