Loan Definitions
from Direct Online Loans

List of loan definitions
from Direct Online Loans

This is a breakdown of loan definitions from Direct Online Loans. Loan definitions make it easier for you to understand the various types of loans that are available. For your convenience, the loan definitions have been listed in alphabetical order. Why not also check out the following pages for more in formation: About Us, Contact Us, Privacy Policy, Loan Calculator, Credit Score Calculator, Glossary of Loan Terms, Articles, Links, Disclosure Policy, Disclaimer and Terms and Conditions.

Loan Definitions

Bad Credit Loan
Bad credit loans are offered by specialist lenders who take on applicants who have been refused credit elsewhere. This type of loan is for people with bad credit.

Car Loan
A car loan is specifically for the purpose of purchasing a car or to pay for vehicle repairs. The term car loan can be used to describe several different types of car financing options which are available to car buyers.

Car Title Loan
A car title loan is a loan where the borrower provides their car title as collateral for a loan. These loans are typically short-term, and tend to carry higher interest rates.

Debt Consolidation Loan
A debt consolidation loan is a loan that allows you to combine several debts into one loan.

Home equity loan
A home equity loan is a loan for which your home is pledged as collateral. Generally, home equity loans offer a fixed interest rate and a fixed monthly payment.

Home improvement loan
A home improvement loan is money lent to a property owner for home repairs, updates or remodeling. Home improvement loans are not necessarily secured by the property. These loans can be secured or unsecured and are usually short term.

Homeowner loan
Loans using your home as security for repayment are commonly referred to as homeowner loans.

Mortgage loan
A mortgage loan is a loan secured by a mortgage on property such as a house.

Payday Loan
A payday loan (also called a paycheck advance) is a small, short-term loan that is intended to cover a borrower's expenses until the next payday.

Personal Loan
A personal loan is an unsecured loan which can be used for a variety of purposes, such as paying tax bills, covering school tuition, or making car repairs. Banks and other lenders offer personal loans to people with good credit records who can demonstrate an ability to repay them.

Secured Loan
A secured loan is a loan in which the borrower pledges some asset(usually a property) as collateral for the loan. In the event that the borrower defaults, the creditor takes possession of the asset used as collateral.

Student Loan
A student loan is to help students pay for university tuition, books, and living expenses.

Tenant Loan
A tenant loan is an unsecured loan made available to tenants. A tenant loan is granted based on a combination of the amount you want to borrow, the amount of income you have, and your previous credit history, rather than the value of your home.

Unsecured Loan
An unsecured loan is a loan obtained without collateral. A person obtaining an unsecured loan agrees to pay back the loan within a set term. This type of loan can also be called a signature loan.

Trust that you found the above Loan definitions information page useful.

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