Looking for a content that explains the various types of loans available? Here we list the most common five types of loans:
Personal Loans: -ideal for ultimate holiday or some much-needed home renovations,or even car repair a Personal Loan is a great option for borrowing money for your needs. Your financial institution of lender will assist you determine your loan’s conditions including loan amount, interest rate, monthly repayments and your loan’s term – based on your personal information and requirements.
The banks and other personal loan lenders have tool to even assist you to Explore personal loan choices or calculate monthly repayments with the personal loan calculator.
Home Loans: this for when you are buying or building your first house or any additional property, a Home Loan can help you secure your dream home’s financing. Your borrowing amount depends on your monthly income (before tax) and your monthly expenses. You can work this out using our home loan calculator.
Pension-Backed Housing Loans: this is an alternative form of housing finance, where your loan is secured by your retirement’s saving instead of a bond. Monthly instalments are usually enabled by your employer through your monthly salary, and your maximum loan term is 30 years or the length of time to your retirement.
Vehicle Financing: If you need some extra cash to buy a new set of wheels, consider Vehicle Financing. Once you’ve found the car you want and have chosen your financing option, you’ll generally have over 12 months to five years, or more, to repay your car loan.
Student Loans: And finally, don’t let a lack of funds stop you from fulfilling your career goals. A Student Loan will cover any educational costs, giving you the comfort of knowing funds are available for all your studying dreams.
Whichever loan you’re interested in, research as much as you can before making any final decisions. And always try to pay back your loan as soon as possible to avoid excessive interest rates and monthly repayments.