Loans

Besides a home mortgage there are a few different types of loans

Personal loans use to be the way people borrowed money but that has changed greatly with the increase of credit cards. If you have a credit card - you are now able to take a Cash Advance which in essence is an instant personal loan.

Auto Financing: These are secured loans using the automobile that you are purchasing as collateral. A lien is put on the vehicle until the loan is paid in full. If you are delinquent in paying the loan - the financial institution is allowed to come and repossess your vehicle.

Pay Day Loans: There are financial lenders that will allow you to use your next pay check as collateral for a quick loan. These usually have very high interest rates.

Home Equity: This type of loan uses the equity you have on your house as the secured collateral for your loan. This is also known as a second mortgage. You can get these as a lump sum loan or as a line of credit - which you can use much like a checking account - drawing on it as you need it.

As with all of your financial undertakings - before you commit yourself to any of these - you should carefully go over all of the fine print in the contract. Make sure you totally understand what you are receiving and what your obligations are.

 This is a summary   Click to read more

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