{"id":445,"date":"2019-09-05T05:07:22","date_gmt":"2019-09-05T05:07:22","guid":{"rendered":"http:\/\/www.development-work.com\/mydebt\/?p=445"},"modified":"2020-10-26T05:08:53","modified_gmt":"2020-10-26T05:08:53","slug":"what-are-the-different-types-of-loans","status":"publish","type":"post","link":"https:\/\/www.mydebtacademy.com\/personal-debt\/what-are-the-different-types-of-loans\/","title":{"rendered":"What Are the Different Types of Loans?"},"content":{"rendered":"
Loans have been around for centuries. And although they\u2019ve changed a lot throughout the years, one thing is certain – their purpose remains the same. In essence, a loan is an amount of borrowed money that\u2019s intended for repayment within a given period of time. The intricacies of loans differ from type to type, so while some might be ideal for your situation, others might not be.<\/p>\n
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Learn more about the different types of loans and discover which ones you might benefit from with this short guide.<\/p>\n
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These are the most familiar to all borrowers, and are accessed through banks and some other financial institutions. Traditional loans can be unsecured like personal loans, or secured, like housing or auto loans. They can cover a large sum of money and are paid for over the course of several years. For the most part, these traditional loans have the biggest impact on your credit score.<\/p>\n
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As the name suggests, these loans are those that you receive in cash. The most common under this category are online loans<\/a>, payday loans, and cash advances. It\u2019s typically easier to get approved for a cash loan and they\u2019re also much faster to process. The individuals who often opt for these types of loans are those with low credit scores, or those who need to get their hands on cash as soon as possible.<\/p>\n <\/p>\n <\/p>\n Specially developed for entrepreneurs and budding business owners, small business loans are granted strictly to those who wish to start or improve a venture. These are available through a range of lenders, and even the Canadian government offers them in the form of the Canadian Small Business Funding Program.<\/p>\n <\/p>\n <\/p>\nSmall Business Loans<\/h3>\n
Debt Consolidation Loans<\/h3>\n