Simple Loans You Can Get From a Bank

The redeployment of money between a lender and borrower is called a Loan. The received amount of money should be repaid within a stipulated time at the cost for their service termed as Interest or Annual percentage Rate (APR).

Although there are many loans available for a borrower, the important three loans that any one can get is secured personal loan, payday loan, and cash advance.

1. Secured Personal Loan

This loan is offered to a person who is having a good credit. This money you borrow from any bank can be used for any purposes. Unlike Unsecured loans (monetary loans that are not secured against the borrowers assets), this type of loans require collateral security, if your credit is less-than-perfect.

2. Pay Day Loan

These loans are mostly preferred by the monthly or bi-weekly salaried people of US and Canada. You ought to provide the lender, the post dated check that can be cashed on your next payday. Although the interest rate are very high, the monthly interest are very low on payday loans.

3. Cash Advance

By means of your credit card, you can withdraw the amount from any ATM. The cash advances always have a high interest rate tacked onto them.

Other loans available from the bank are Homeowner loans, debt consolidation loans, and short-term loans. These loans can be obtained after producing relevant collateral security.

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