what are the different types of loans available to a consumer?
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['CD Secured Loans.', 'Unsecured Loans or Personal Signature Loans.', 'Vehicle Loans.', 'Real Estate Loans.', 'Small-Business Loans.']
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['Formal Sector- It includes banks and cooperatives that extend loans to households for entrepreneurship and other personal needs. The rates of interest charged by them are low.', 'Informal Sector- It includes moneylenders, traders, employers, relatives, and friends.']
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['credit. An arrangement to receive cash, goods, or services now and pay for them in the future.', 'consumer credit. ... ', 'security (or collateral) ... ', 'closed-end credit. ... ', 'open-end credit. ... ', 'installment sales credit. ... ', 'installment cash credit. ... ', 'single lump-sum credit.']
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['Conventional / Low Ratio Mortgages. ... ', 'High Ratio Mortgages. ... ', 'Open Mortgages. ... ', 'Closed Mortgages. ... ', 'Fixed Rate Mortgages. ... ', 'Variable Rate Mortgages (VRM) / Adjustable Rate Mortgages (ARM)']
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Overall verdict: AA Personal Loans seem to take a firm but fair approach. They only accept those with a perfect credit history, so if your credit file has had a couple of wobbles in the past then this is not the loan for you.
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['Direct Debit.', 'Cheque.', 'Debit/credit card.', 'Cash.', 'Postal Order.']
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Get Personal Loan Rates Unfortunately, Bank of America does not offer personal loans. However, the bank does provide a variety of loans for specific needs, such as mortgages, auto loans, credit cards, business loans and lines of credit.
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There are two types of consumer credit: revolving credit and installment credit.
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The two basic categories of consumer credit are open-end and closed-end credit. Open-end credit, better known as revolving credit, can be used repeatedly for purchases that will be paid back monthly, though paying the full amount due every month is not required.
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['Lendio: Best overall.', 'BlueVine: Best for larger cash flow loans.', 'Fundbox: Best for low credit.', 'Kabbage: Most convenient.', 'Funding Circle: Best for P2P lending.', 'Kiva: Best for microloans.', 'Accion: Best startup business loans.', 'OnDeck: Best for repeat borrowing.']
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A car loan and mortgage are the most common types of secured loan. An unsecured loan is not protected by any collateral. If you default on the loan, the lender can't automatically take your property. The most common types of unsecured loan are credit cards, student loans, and personal loans.
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There are three types of finance companies: business, sales, and consumer. Figure 27.1 shows the distribution of loans for finance companies. Consumer loans are the most common type.
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Loan terms and fees may vary by state. Wells Fargo personal loans are a good option for two types of borrowers: existing, good-credit customers and non-customers with excellent credit, a low debt-to-income ratio and high income.
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If you have to take out student loans, you essentially have two choices: federal student loans and private loans. For most borrowers, federal student loans are the best option. ... Other student loans are generally private student loans. The most common private student loans are offered by banks.
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Many types of mortgage loans exist: conventional loans, FHA loans, VA loans, fixed-rate loans, adjustable-rate mortgages, jumbo loans, and more. Each mortgage loan may require certain down payments or specify standards for loan amount, mortgage insurance, and interest.
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The different types of credit There are three types of credit accounts: revolving, installment and open.
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['Conventional mortgages.', 'Jumbo mortgages.', 'Government-insured mortgages.', 'Fixed-rate mortgages.', 'Adjustable-rate mortgages.']