There are many different types of loans available today for a wide variety of purposes including buying a new car, home renovations or consolidating debt.
A secured loan is secured on the property you own. These loans are regulated by the Financial Conduct Authority, this offers borrowers greater protection when applying for a loan.
An unsecured loan is issued based on the credit rating of the borrower rather than property or another type of collateral. Another name for this type of lending is either a personal loan or signature loan.
Commercial loans have many uses for small businesses. This can be anything from mortgages to loans for starting a new business. Expansion and asset financing are another two examples of uses for a commercial loan.
Bridging loans are short term loans which are secured against a property. The loans are often taken out for 2 or 3 months and no more than 18 months.
Mortgages are used to purchase property and is secured against the property being purchased. Different types of mortgages exist including fixed rate and variable rate.