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What Are Some Different Types of Loans?

Installment Loan
When you get an installment loan, you borrow all of the money at once and repay it in set amounts, or installments, on a regular schedule over a period of time.

Overdraft
An overdraft is a type of revolving credit that lets you write cheques for the amount you want to borrow, up to a limit set by the lender. The credit doesn't cost anything until you write a cheque. Then you begin to pay interest on the amount you borrowed. Whatever you repay becomes available for you to borrow again. People whose salary is paid through the bank can get a salary overdraft.

Other Aspects of Loans:

Secured Loan
A secured loan requires you to put up property or savings as collateral to guarantee repayment. If you fail to repay the loan, the lender can take your collateral. Car and home equity loans are the most common types of secured loans.

Unsecured Loan
An unsecured loan is made solely on your promise to repay. Lenders consider unsecured loans risky and may charge higher interest rates.

Fixed Rate Loan
A fixed rate loan is when the interest rate and monthly payments stay the same over the length of the loan.

Adjustable Rate Loan
An adjustable rate loan has an interest that changes. When the interest rate goes up or down, the monthly payment changes also.

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