There are various types of loans available, including:

Personal Loans: These are unsecured loans that individuals can use for various personal expenses like home renovations, medical bills, or debt consolidation.

Business Loans: These loans are specifically tailored for businesses to finance their operations, expansion, equipment purchases, or other needs.

Mortgage Loans: These loans are used to purchase real estate properties, with the property serving as collateral for the loan.

Auto Loans: These loans are used to finance the purchase of a vehicle, typically with the vehicle itself serving as collateral.

Student Loans: These loans are designed to help students pay for higher education expenses such as tuition, books, and living expenses.

Payday Loans: These short-term loans provide quick access to cash, usually with high interest rates and fees, and are typically repaid with the borrower’s next pay check.

Consolidation Loans: These loans are used to combine multiple debts into a single loan with a lower interest rate or more favourable terms, making it easier for the borrower to manage their debt.