Get loans to cover costs for starting a business, going to college or consolidating debt. Loans are legally binding agreements, so be sure your working budget includes a repayment plan and don't over-borrow.
Secured loans, such as a mortgage loans, auto loans and personal property loans, are paid out against the borrower’s collateral. Business secured loans are used in partnership agreements and securities lending. A default on the loan agreement gives the lender the right to repossess the asset.
Unsecured loans are not secured with assets, and carry various interest rates. Interest rates and fees for unsecured loans may be tied to the borrower's credit history, the term of the loan and the amount advanced. Examples of unsecured loans include credit cards, personal loans and corporate bonds.
Depending on your assets, consider these loan options to cover your expenses for your next venture:
1. Look at consumer loans for education goals, home improvement or your next big purchase.
2. Secure a home loan before you start shopping for a home.
3. Start a business with unsecured personal loans.
Action Steps
The best contacts and resources to help you get it done
Get consumer loans for your next big purchase
Consumer and retail lending includes both secured and unsecured loans for vehicles, boats, manufactured homes, signature loans and stocks and funds secured loans. A refinance or equity loan is a consumer loan secured against your property. Student loans are unsecured loans based on credit scores and repayment arrangements.
I recommend: Get home equity and refinance consumer loans from
GMAC Mortgage. Get a
SunTrust student loan to pay for college expenses up to $45,000 a year.
Secure home loans before you start shopping for your dream house
Home mortgage loans are secured by real property. As the home buyer or builder, get financing secured against the property. The mortgage loan amount, maturity, interest rate and repayment plan adjust the monthly payment amount, so consider your monthly budget before deciding on a price range.
I recommend: Countrywide can offer home loans at competitive rates with no closing costs, no points and no processing fee options. Check out
LendingTree to shop for your home loan with nationwide lending establishments competing for your loan needs.
Start your next business venture with personal loans
Unsecured personal loans require your good credit and a repayment arrangement. You can get an unsecured personal loan quickly because there is little documentation. After an initial application, you get a payment schedule. Use your schedule to arrange your new business plan.
I recommend: Consider
QuickClick for unsecured personal loans up to $3,500 and get cash put straight into your checking account. Work with a
Nationwide loan expert for an unsecured personal or business loan from $25K to $350K with your 700+ credit score.
Get auto loans to buy a new car
Whether you're in the market for a newer, more energy-efficient car, or your business needs new company vehicles, car loans might be in your future.
I recommend: Use the online auto loan calculator at
Bankrate.com to find out how much your monthly payments will be for a 36-60 month auto loan.
E-LOAN is just one of many online lenders that publish current auto loan rates.
Tips & Tactics
Helpful advice for making the most of this Guide
- Investigate carefully any offers for short-term unsecured loans (sometimes known as "payday loans"), debt consolidation loans and bad credit loans. Unscrupulous lenders take advantage of financial emergencies to charge very high interest rates and fees that can end up adding to your debt instead of easing it.
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