14/01/2013 · Lenders offer two types of consumer loans – secured and unsecured – that are based on the amount of risk both parties are willing to take. Secured loans mean the borrower has put up collateral to back the promise that the loan will be ;· A consumer loan is any type of loan issued to help a consumer afford a purchase. These purchases can range from small retail purchases acquired through a payment plan, to the biggest purchases you will make in your life, including your consumer loan is any loan or line of credit a consumer receives from a creditor. Common consumer loans are home mortgages, auto loans, credit cards, personal loans, student loans, home equity, and HELOC loans. Rate Search: Check Today’s Mortgage Rates. Types of Consumer Loans Home Mortgage. A mortgage is a loan used to purchase a Loan - Overview, Types, and CategoriesTypes of Loans: What are the Differences? - ValuePenguinWhat is a Consumer Loan & How Do They Work? | The Lenders Types of Loans: What are the Differences? - ValuePenguinA Federal Housing Administration (FHA) loan. A conventional loan with private mortgage insurance or a “piggyback” second mortgage. For active duty servicemembers, veterans, or surviving spouses, a VA loan. For residents of small towns or rural areas, a USDA loan. There may be local down payment assistance programs available to you18/07/2017 · Different Types of Consumer Loans. Mortgages; Student Loans; Personal Loans; Auto Loans; Small Business Loans; Consumer Loan Types. The most common consumer loans come in the form of installment loans. These types of loans are dispensed by a lender in one lump sum, and then paid back over time in what are usually monthly loans and credit cards come with high interest rates but do not require collateral. Home-equity loans have low interest rates, but the borrower’s home serves as ;· 5. Pawn shop loans. A pawn shop loan is another fast-cash borrowing option. You’ll take an item of value, like a piece of jewelry or an electronic, into a pawn shop and borrow money based on the item’s value. Loan terms vary based on the pawn shop, and interest rates can be high. But some states have stepped in to regulate the ;· Fixed-rate loans: Most consumer loans are fixed-rate loans. Fixed-rate loans keep the same interest rate throughout the life of the loan. Variable-rate loans: The interest rate on variable-rate (or “adjustable-rate”) loans moves up and down based on the changes of an underlying interest rate index (usually the prime rate).

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