Loans
Today, loans are readily available online. Financer.com helps you compare the interest rates and costs of various online loans. Use our comparison tool and find the best online loans suited to your needs.

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Questions And Answers About Loans

Loan Types and What to Consider Before Taking Online Loans
Whether you’re in a financial bind, need to make a large purchase or need quick cash for some other situation, online loans can help out.
In recent years, the lending-industry landscape has changed significantly. As a result, consumers can choose from many types of loans from various sources. Online loans are increasing in popularity, so your bank is no longer your only option.
Consumers can now apply for loans online and get approved without setting foot inside a brick-and-mortar bank. Knowing the different types of loans available allows you to better understand all your options and choose the loan that’s best suited for your situation
Secured Loans Online

Generally, the interest rate on a secured loan is lower than an unsecured loan, because the risk is lower. In fact, you may even be able to negotiate a lower interest rate on a secured loan.
Consumers with better credit ratings also tend to get better terms and interest rates on secured loans, as the risk to the lender is lower. Furthermore, a secured loan may also have more flexible repayment terms.
Examples of secured loans include:
- Auto loans
- Recreational vehicle loans
- Mortgages
- Home equity loans
- Home equity lines of credit
Unsecured Loans
An unsecured loan does not involve any type of collateral. With this type of loan, the only recourse the lender has on your default is to freeze your account.
They can then attempt to collect your debt using a debt collection service. This will also cause damage to your credit report and possibly prevent you from taking out any other loans until this one is resolved or falls off your credit report.
The lender generally ties the Amount: of money you can borrow using an unsecured loan to your debt-to-income ratio, assets, and your credit history. Because the lender is taking on more risk, an unsecured loan usually carries a higher interest rate.
An unsecured loan may be referred to as a personal loan or signature loan. These types of loans are generally reserved for those with above-average or higher credit ratings.
Examples of unsecured loans include:
- Auto loans
- Recreational vehicle loans
- Mortgages
- Home equity loans
- Home equity lines of credit
Different Ways to Borrow Money
If you need to borrow money, here are some different ways to do so.
Line of Credit (LOC)
A line of credit works like a credit card. The lender gives you a maximum balance, and you can then borrow as much as you would like from the line of credit – up to the agreed upon maximum Amount:. Unlike a credit card, though, there are different phases for a LOC.
The initial phase is the draw phase when you can actively use the cash in the LOC. Then comes the payment phase, which is when you start repaying the money you drew. In between these phases, there may be an interest-only phase, which is when you pay only the interest on the Amount: you have drawn.
Based on how the line of credit is arranged, you may be able to write checks through the account, or it may be linked to your debit card. A line of credit may be either secured or unsecured.
Conventional Loan
Conventional loans are generally used for large purchases, such as real estate or vehicles. This type of loan could also include a home equity loan or personal loan.
The amortization and repayment terms for a conventional loan are consistent and predetermined, so you know precisely what your monthly payment will be, as well as long you have to pay. A conventional loan may be secured or unsecured.
Payday Loan
Payday loans are also known as cash advances. Consumers often use these loans as quick solutions for emergencies. This type of loan is intended to be used as a short-term solution and is secured against your next paycheck.
Bridge Loan or Interim Loan
A bridge or interim loan can also be referred to as a single-payment loan, and borrowers generally use it as short-term temporary financing. Borrowers usually pay off a bridge loan in one lump sum rather than in scheduled installments.
In some cases, a bridge or interim loan may be used to purchase real estate, including building a new home.
Applying for Personal Loans Online

In cases where your credit history is a factor, you’ll want to get a copy of your credit history before submitting a loan application.
Take the time to carefully review your credit report from the three major reporting agencies:TransUnion, Experian, and Equifax.
While you are reviewing your credit score you can also resolve any flaws or errors. Keep in mind that lenders that require a credit check may also have minimum credit score guidelines. If you don’t meet that minimum, then there is no reason to apply.
The decision to apply for a loan is a big step. Prior to moving forward, make sure you fully understand all your lending options, as well as the advantages and disadvantages of each type of loan.