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Types of Personal Loans

203k Rehab Loan
203k Rehab Loan

Rehab loans are designed to help homeowners improve their existing home or buy a home that can benefit from upgrades, repairs, or renovations. A 203(k) rehab loan is a great way to help you create your own home equity fast by bringing your home up to date.

Adjustable Rate Mortgage (ARM)
Adjustable Rate Mortgage (ARM)

With an adjustable-rate mortgage, your interest rate can change periodically. Generally, the initial interest rate is lower than on a comparable fixed-rate mortgage as well. With an ARM, your interest rate can change periodically.

source: bankrate.com
image: mybanktx.com
Best Personal Loans for Average Credit
Best Personal Loans for Average Credit

Learn more about personal loans. A personal loan is money borrowed from a bank, credit union or online lender that you pay back in fixed monthly installments, typically over two to five years, along with interest. The annual percentage rates on loans from mainstream lenders can range from 6% to 36%.

Best Personal Loans for Excellent Credit
Best Personal Loans for Excellent Credit

Those with excellent credit scores, above 720, can get the best rates, whether it’s a loan from a bank, credit union or online lender. Credit union loans are cheaper on average than online loans, and only some major banks offer personal loans.

Best Personal Loans Overall
Best Personal Loans Overall

Personal loans are a type of unsecured loan offered by banks, online lenders, and other financial institutions. Unlike mortgages and auto loans which are secured by the purchased item (house and car respectively), personal loans generally require no collateral.

Conforming Loans
Conforming Loans

For example, conforming loans can top out at $679,650 in Alaska, Washington, D.C., and metro areas in other high-demand housing markets. Limits are even higher in some cities in California and Hawaii. So, to get a conforming loan — which is a good thing — you’ll want to buy a house that puts you under the conforming loan limit in your area.

Conventional Loans
Conventional Loans

A conventional loan is a mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA), the Farmers Home Administration (FmHA) and the Department of Veterans Affairs (VA).

Conventional Mortgage
Conventional Mortgage

What Is a Conventional Mortgage? Conventional mortgages aren't federally guaranteed. Down payments can be as low as 3% but qualifications are tougher than for FHA and other government home loans. Down payments can be as low as 3% but qualifications are tougher than for FHA and other government home loans.

Credit Cards, a Form of Higher
Credit Cards, a Form of Higher

Use a personal loan for larger expenses like starting a small business or consolidating credit card or other debt. Personal loans are best used for longer-term financing. This could include things like expenses for adopting a child, starting a small business or consolidating credit card or other debt.

image: msufcu.org
Credit Cards, Cash Advances and Balance Transfers
Credit Cards, Cash Advances and Balance Transfers

A cash advance is a short-term cash loan taken against your credit card’s credit line. Cash advances are a convenient way to get fast cash, but they’re also expensive. They charge fees and higher interest rates.

FHA Mortgage
FHA Mortgage

An FHA loan is a mortgage that’s insured by the Federal Housing Administration (FHA). They are popular especially among first time home buyers because they allow down payments of 3.5% for credit scores of 580+.

source: zillow.com
Fixed Rate Personal Loans
Fixed Rate Personal Loans

A personal loan from SoFi could help you save thousands. With low interest rates and a fixed monthly payment, you can pay off high interest credit cards, fund home improvements, or make a major purchase.

source: sofi.com
Installment Loans
Installment Loans

An installment loan is a loan that is paid back over a specific period of time with a set number of scheduled payments. Installment loans differ from a line of credit, for instance, which offers a maximum credit amount you can borrow from, or a payday loan, which tend to be small amounts at high interest rates.

source: discover.com
Lines of Credit
Lines of Credit

Though personal lines of credit are very similar to credit cards, you can generally find that interest rates on lines of credit may be higher on average. This is usually due to lines of credit being of greater risk to the lender than a credit card.

source: bankrate.com
image: imoney.my
Longer
Longer

Personal loans are unsecured. That means the loan doesn't require you to use an asset as collateral. If you default on a personal loan, the lender can't automatically take a piece of your property as payment for the loan. This is one of the reasons personal loans are more difficult to get.

Mortgage Insurance
Mortgage Insurance

A mortgage insurance premium is the monthly payment you make for your mortgage insurance policy, which protects your lender if you stop making payments on your home loan. You'll most likely have to pay mortgage insurance if you make a down payment that's less than 20 percent of the home's purchase price.

source: zillow.com
Non-Conforming Loans
Non-Conforming Loans

A non-conforming home loan is simply a term used for home loans that don’t typically conform to the major banks' standard loan criteria. It is the opposite of what’s called a ‘prime’ home loan.

source: pepper.com.au
Open-Ended Loans
Open-Ended Loans

An open-end loan is a revolving line of credit ... Open-End Loans. With an open-end loan, ... personal finance expert and the author of the forthcoming ebook, ...

Secured Loans
Secured Loans

Secured loans are those loans that are protected by an asset or collateral of some sort. The item purchased, such as a home or a car, can be used as collateral, and a lien is placed on such item. The finance company or bank will hold the deed or title until the loan has been paid in full, including interest and all applicable fees.

source: greenpath.com
Short
Short

In need of a short-term loan? Don't worry—it's more common than you think. Read to find out what it is and how it can help you on a rainy day.

source: experian.com
Unsecured Loans
Unsecured Loans

Unsecured Loan On the other hand, unsecured loans are the opposite of secured loans and include things like credit card purchases, education loans, or personal (signature) loans. Lenders take more of a risk by making such a loan, with no property or assets to recover in case of default, which is why the interest rates are considerably higher.

source: greenpath.com
USDA Rural Housing Loan
USDA Rural Housing Loan

USDA Rural Development does not directly offer workout plans to distressed homeowners in the Single Family Housing Guaranteed Loan Program as USDA is not a financial lending institution.

source: rd.usda.gov
VA Loan
VA Loan

A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. While the VA does not lend money for VA loans, it backs loans made by private lenders (banks, savings and loans, or mortgage companies) to veterans, active military personnel, and military spouses who qualify.

source: zillow.com
image: honhl.com
Variable Rate Loans
Variable Rate Loans

A variable interest rate loan is a loan in which the interest rate charged on the outstanding balance varies as market interest rates change. As a result, your payments will vary as well (as long as your payments are blended with principal and interest).