There are many different types of loans, and each of them has its own specifics, amounts, terms and payments. What are the types of loans?
Consumer loan
As we all know, these are the loans provided to individuals. In the case of obtaining this loan, the main subjects of lending are often the goods purchased by individuals. By faces. For example, an excellent consumer loan is the purchase of household appliances, tools, furniture and the like. Consumer loans are most characterized by high interest rates and relatively limited loan amounts.
Car loan
Provided to both individuals and legal entities. It is an opportunity to purchase automobile equipment, since the object of crediting is automobile equipment. If we compare a car loan with a consumer loan, then a car loan implies a lower interest rate and, accordingly, larger loans. When purchasing our vehicles, remember that the state is legally responsible for helping you to pay off the interest on the loan.
Educational loan
Provided exclusively to individuals in order to provide them with an education. The object of crediting here is tuition fees for individuals in a paid educational institution. Usually, the rates for such a loan are really low, and the state is usually taken to repay such a loan.
Mortgage
Everyone is familiar, everyone is loved. Provided to both legal entities and individuals. Provided for home purchase. The mortgage loan has the lowest rates and the largest loan amounts. Mortgage is a loan of the longest loan term and a loan of high reliability.
Overdraft
Overdraft is a loan that a bank provides to a borrower in order for him to pay for settlement documents. The loan is provided in such a way that it exceeds the balance of funds and is subsequently repaid at the expense of funds periodically credited to the client's account.
Small business loan
Provided by private individuals, as well as just individuals for a variety of purposes. The objects of crediting here are the needs of the business being credited. The loan is characterized by very large amounts.
Credit for urgent needs
Usually, such a loan is issued exclusively to individuals. This loan is inappropriate, that is, the goals and desires of the bank are not shown here. The object of crediting here is the personal need of an individual. This type of loan is characterized by relatively small amounts and inflated interest rates.
Credit on trust
Provided only to individuals for personal needs. To obtain such a loan, it is usually enough to have a passport and an application with you. A trust loan is distinguished by high rates and low amounts.
