The Beginners’ Guide to the Types of Loans
When it comes to major purchases for your personal and business needs, it may be difficult to solely rely on the savings in your bank account. A step to solve this problem while managing your funds is to apply for a loan from a bank. Before you decide, get to know the many types of loans and the different purpose each serves.
Personal Loan
A personal loan or a multipurpose loan is the most popular type of loan that qualifies the borrower based on credit history and income. This type of loan can be used for personal utilities, life events, or debt consolidation.
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Personal Loan
A personal loan or a multipurpose loan is the most popular type of loan that qualifies the borrower based on credit history and income. This type of loan can be used for personal utilities, life events, or debt consolidation.
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Small Business Loan
Also called a Small Medium Enterprise Loan, it is a loan program that provides financial assistance to those who want to start their own business. This loan is also for existing small business owners who wish to expand their business.
Small Business loan
Also called a Small Medium Enterprise Loan, it is a loan program that provides financial assistance to those who want to start their own business. This loan is also for existing small business owners who wish to expand their business.
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Gadget or Appliance Loan
This is a type of loan that does not need collateral and is used for the purpose of purchasing electronics such as home appliances and gadgets with flexible payment terms.
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Gadget or Applicance Loan
This is a type of loan that does not need collateral and is used for the purpose of purchasing electronics such as home appliances and gadgets with flexible payment terms.
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Home Loan
If you are thinking of purchasing a lot, house and lot, condominium or a townhouse unit, then this loan is for you. This loan can also cover your home construction or renovation needs, as well as refinancing of existing home loan.
Home Loan
If you are thinking of purchasing a lot, house and lot, condominium or a townhouse unit, then this loan is for you. This loan can also cover your home construction or renovation needs, as well as refinancing of existing home loan.
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Auto Loan/Motorcycle Loan
An auto loan helps you buy a new or used vehicle, as well as to refinance a vehicle that was purchased. Similar to an auto loan, the motorcycle loan lets the borrower purchase a brand new or used two or three-wheeled vehicle.
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Auto Loan/Motorcycle Loan
An auto loan helps you buy a new or used vehicle, as well as to refinance a vehicle that was purchased. Similar to an auto loan, the motorcycle loan lets the borrower purchase a brand new or used two or three-wheeled vehicle.
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While loans can be helpful in fulfilling your life goals, they can also become a struggle if you fail to pay the dues. When applying for a loan, think of the purpose of the money you are borrowing and its costs before deciding to commit to the payment terms so you will not be living in debt in the future.