There many different types of loans. The type of loan generally varies based on its intended use and can vary by the length of time the loan is given for, interest rates, payment type and due date. Three of the main types of loans offered to consumers are traditional installment loans, credit cards and payday loans.
Traditional installment loans are one of the oldest types of loans available as it as been a regulated credit option for consumers for more than a century. Traditional installment loans are defined as small-dollar loans that are repaid in monthly installments. They were created through the collaboration of consumer advocacy groups and state legislative representatives and commissions in an effort to provide consumers with a safe option for accessing small-dollar credit. Traditional installment loans are generally made by finance companies to individual consumers or by commercial banks to companies.
Credit cards are another type of loan that works as a revolving account that a customer uses to access a line of credit granted to them to make purchases and payments. A consumer makes payments on the balance and is charged interest based on the balance.
Payday loans are another type of small dollar loan used by consumers. Payday loans have been the subject of their share of controversy, but they are useful for many consumers depending on their financial situation and needs. These types of loans are usually small and are a short-term unsecured loan.
The following video is produced by FinanceInAmerica.org, a leading financial news site. It covers the basic differences between three loan types - traditional installment loans, credit cards and payday loans. It examines the features of each to help determine what is safe, disciplined, and affordable for the consumer. Check it out to learn details about each type of loan that will help you decide which one is right for you.
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