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Issuer: Loans
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Knowing about what is available will help you make a more informed decision. The bottom line about loans is to make sure you absolutely need them because in the end you have to pay them back.The most popular loan type is a car loan. Car loans can come from many sources and are probably the easiest for someone with poor credit to get. The main purpose for a car loan is to buy a car. You borrow the amount to pay off the car and then make fixed payments for a fixed period of time. Interest charges and other fees may be applied depending on the lender.Home loans or mortgages are used to buy a home or make repairs to a home. There are two types of home loans- conventional and balance transfer until paid off government. Conventional loans follow certain terms and conditions set by the lender. They include interest rates and other fees. They can have a fixed or variable rate. Fixed rates mean your payments are the same amount for the life of the loan. Variable means your payments change with changes in the interest rate. Government loans include, FHA(Federal transfer until balance paid off Housing Administration), VA(Veterans Affairs), and RHS (Rural Housing Service) loans and loans offered through state or local agencies. These loans are usually income based and can provide help with down payments and negotiating interest rates.The next popular loan type are student loans. Student loans are used to pay for education. These loans can be private or federal. Private loans are credit based and come from conventional sources like banks. The Federal Stafford loan is a government type loan that has three different types. The subsided loan type is based on need, has a variable rate and is paid back starting six months balance until transfer paid off after graduation. The unsubsidized loan type is not need based, has a variable rate and is paid back starting six months after graduation. The last type of Stafford loan is the PLUS or parent loan for undergraduate students. This loan is made to parents and they can borrow as much as needed. It is not based on need or income.These three types of loans - car, home and student- are the most popular types of loans people obtain. They all are used for a specific purpose. While they vary in how to obtain them and how they work they all are examples of general loan types.

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With today’s credit card companies, there are many opportunities to get your cards rate of 21% or more reduced. The higher the amount of interest your card charges will cost you more for a simple purchase and ultimately may take you years to pay off instead of months, should you make the minimum payment allowed. People often just pay the minimum balance as a way to improve their credit rating; this couldn’t be a more dangerous way to increase your credit score. Leveraging the credit card company to say “Uncle” to your ability to switch over is easier than you think.

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