Different types of personal loans?

I recently heard there were different kinds and I am not entirely sure what this means. I always thought a personal loan was just that, and that is what separated it from other loans.


What are the different types of personal loans out there?

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May 14, 2020 12:05 AM

Member

These are the ones I know of off the top of my head:


Unsecured personal loans

Secured personal loans

Fixed-rate loans

Variable-rate loans

Debt consolidation loans

Co-sign loans

Personal line of credit


They each have their own rates and stipulations.

May 16, 2020 1:00 AM

Member

I only ever had one personal loan and I couldn't even tell you what kind it was. I just know that the interest increased the longer I had the debt so I signed on for a bad personal loan to say the least.

May 17, 2020 9:07 PM

Jerad covered the ones that I am knowledgeable on. I am sure there are other types within these categories but they are very specific to certain situations like college loans and medical loans.

July 23, 2020 12:24 AM

Member

Is there any loan in particular your are more curious about? I have a document with some descriptions and explanations of each loan and what they do.

July 23, 2020 8:35 PM

Member

jerald: These are the ones I know of off the top of my head:Unsecured personal loansSecured personal loansFixed-rate loansVariable-rate loansDebt consolidation loansCo-sign loansPersonal line of creditThey each have their own rates and stipulations.

@jerald I only knew about a few of these. I had no idea there were this many different ones but I guess it makes sense since different loans deal with different levels of interest, guidelines, and credit scores.

July 23, 2020 11:59 PM