Grace Enfield, Content Writer
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Five common types of loans include personal loans, auto loans, home equity loans, mortgages and more. Each of these loans is used for a different purpose and has different loan amounts, APRs, payoff periods and fees. But one thing most loan types have in common is that the borrower gets a lump sum of money up front and pays it off over time.
Five Common Types of Loans
- Personal loans
- Auto loans
- Home equity loans
- Student loans
Along with having different terms, each of these common loan types has different requirements regarding collateral, credit scores, income and more.
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