Loans come in various types, each tailored for specific purposes and with distinct terms.
The different loans
Personal loans offer flexibility, mortgages are for buying property, auto loans cater to vehicle purchases, student loans cover educational expenses, business loans fund business needs, payday loans provide short-term cash, and loans can be secured (with collateral) or unsecured.
Understanding these differences is crucial for borrowers to make informed decisions aligned with their needs and financial situation.