what are the loan types?
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['Debt Consolidation Loans. A consolidation loan is meant to simplify your finances. ... ', 'Student Loans. Student loans are offered to college students and their families to help cover the cost of higher education. ... ', 'Mortgages. ... ', 'Auto Loans. ... ', 'Personal Loans. ... ', 'Loans for Veterans. ... ', 'Small Business Loans. ... ', 'Payday 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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['Fixed Deposits. Ah, good old fixed deposits. ... ', 'Bonds. ... ', 'Amanah Saham. ... ', 'Unit Trusts / Mutual Funds. ... ', 'Real Estate Investment Trusts (REITs) ... ', 'Exchange Traded Funds (ETFs) ... ', 'Stocks / Shares. ... ', 'Peer-to-Peer Lending.']
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Some examples of common types of secured loans include mortgages and vehicle loans. An unsecured loan is money that you borrow without using collateral. ... Bad credit borrowers have limited options, often relying on subprime loans such as payday loans. Payday loans do not require collateral to secure the loan.
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With a secured loan, the lender can take possession of the collateral if you don't repay the loan as you have agreed. 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.
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There are three types of credit accounts: revolving, installment and open. One of the most common types of credit accounts, revolving credit is a line of credit that you can borrow from freely but that has a cap, known as a credit limit, on how much can be used at any given time.
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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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A personal loan can be a type of installment loan. You can ask for a personal loan from a bank, credit union, or other lender and pay it back with interest over a set amount of months. But unlike most other installment loans, you can use it for almost anything.
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All three credit types—installment, revolving, and open—contribute to this category, so it's important to make sure you pay at least the minimum amount due on time regularly for every loan, credit card, or charge card you have open.
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Are there different types of reverse mortgages? Yes. There are several kinds of reverse mortgage loans: (1) those insured by the Federal Housing Administration (FHA); (2) proprietary reverse mortgage loans that are not FHA-insured; and (3) single-purpose reverse mortgage loans offered by state and local governments.
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Just like other traditional loans, the 7a type of loans also has a fixed interest type as well as the variable interest type.
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['Type 1: Low Cost -Strategy.', 'Type 2: Best Value-Strategy.', 'Type 3: Differentiation.', 'Type 4: Focus- Low Cost.', 'Type 5: Focus –Best value.']
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The property guaranteeing the loan is the collateral, and lenders can take it if you don't pay as promised. ... There are different kinds of secured loans. Two of the most common and well known are mortgages and auto loans, in which the property you purchase with the loan also serves as the collateral.
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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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["Purpose of Loan. While some lenders don't have usage restrictions, most will want to know how you plan to spend it. ... ", 'Business Experience. ... ', 'Business Plan. ... ', 'Credit History. ... ', 'Personal Information. ... ', 'Financial Statements. ... ', 'Collateral. ... ', 'Cash Flow.']
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["Line of credit. But not from the same bank you're getting your mortgage from.", 'Personal Loan. ... ', 'Credit card. ... ', 'Borrowing from a family member. ... ', 'Government programs.']
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A bond is a loan. ... There are many types of bonds including government, corporate, municipal and mortgage bonds. Government bonds are generally the safest, while some corporate bonds are considered the most risky of the commonly known bond types. For investors, the biggest risks are credit risk and interest rate risk.