Types of Loans

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are short-term loans borrowed using your next paycheck as guarantee for the loan. Payday loans have notoriously high annual percentage rates (APRs) and can be difficult to pay off

What does APR stand for

Cannot be borrowed once they've been repaid. Common types of closed-ended loans include mortgage loans, auto loans, and student loans.

don't have asset for collateral. These loans may be more difficult to get and have higher interest rates.

are loans that rely on an asset as collateral for the loan.Interests rates for secured loans may be lower . Examples Car Loan, house.

Make payments on time,Good Job history,Open a Savings account and make regular deposits.

Closed-ended loans

Certain types of loans should be avoided