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Types of Loans
1
Types of Loans
Medium Priced Loans
1) Commercial banks, S&Ls, Credit Unions
Advantages offered by credit unions:
Free credit life insurance
More sympathetic to borrowers with payment problems
Interest rates tend to be lower
Inexpensive Loans
Expensive Loans
1) Payday loans or cash advance loans.
Need $100 , write a check for $115, lender hold for the agreed amount of time and then cashes it.
Source:
1) Parents or family members
advantages: low interest rate
disadvantage: complicate family relationships
2) Tax refund loan. High interest fees.
2) Cash value of a life insurance policy.
advantage: low interest rate (5-7%)
disadvantage: ties up assets until loan has been repaid.