Personal Loan

A personal loan is a fixed-amount loan that’s distributed as a lump sum. Most people take out personal loans to make a large purchase, pay off medical bills or consolidate debt. Unlike a secured loan to buy a home or car, personal loans are “unsecured.” Unsecured loans are offered with no collateral attached, giving you more flexibility in how you spend the money. Interest rates for personal loans are largely determined by your credit score. Your annual income and the amount you wish to borrow are important, too.

Auto Loan

An auto loan can be used to purchase a new and used vehicle, including cars, motorcycles, planes, boats, etc. Auto loans are usually offered as fixed-term loans with a low-interest rate, which is usually lower than other types of personal loans since the vehicle serves as collateral.

Debt Consolidation Loan

Debt consolidation loans allow borrowers to combine high-interest debt into a new loan, hopefully with a lower interest rate. When choosing a debt consolidation loan, there are several factors to consider. Debt consolidation loans typically have interest rates from 6 percent to 36 percent. The actual rate you qualify for depends on your credit history, annual income and debt-to-income ratio. When applying for a debt consolidation loan, it is important that you find a lower rate than what you are currently paying.

Home Improvement Loan

A home improvement loan is a type of personal installment loan that can help you finance a project that will improve or repair your home. You may get one to remodel your kitchen, replace your roof, finish your basement, or do anything else to your indoor or outdoor space. The best home improvement loan rates currently range from about 6.50 percent to 36 percent. The actual rate you receive depends on multiple factors, including your credit score, annual income and debt-to-income ratio. The best rate you can qualify for is not necessarily the best loan you can qualify for.