Loans, Types, Consolidation, Loan Rates, Repayment, Calculator, Grants, Limits, Lenders, List of Loans.

Loan is a kind of financial obligation. Like all financial obligations, a loan demesnes the redistribution of financial possession over time, between the loaner and the recipient. In a loan, the recipient initially receives or borrows certain amount of money, called the principal, from the loaner. He is obligated to repay the equal amount of money to the loaner at a later time. Typically, the money is repaid in regular equal installments, or partial repayments.

The loan is generally rendered at a cost, referred to as interest on the loan. This provides an incentive to the loaner to engage in the loan.

Types of Loans:

Loans are of the following types;

Secured Loan- A loan in which the recipient assures his property as a collateral for the loan is called secured loan.
Subsidized Loan- A loan that will not add interest to it before you begin to pay the loan is called subsidized loan.
Unsubsidized Loan- Unsubsidized loan gains interest from the day of disbursal.
Mortgage Loan- Mortgage loan is provided to the recipient to purchase property.

Unsecured Loan- These types of loans are not secured against any asset of the recipient. Unsecured loans may be available from financial institutions or under various marketing packages. Unsecured loans include;

Demand Loans- Demand loans are short term loans with no fixed dates of repayment. They carry a floating interest rate which varies according to the prime rate.

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