Consumer Loan

A consumer loan refers to any in a wide range of personal loans. Consumer loans can pay for cars, homes, boats, school tuition or even a vacation. Regardless of what your loan will pay for, the type of consumer loan you get will affect the overall cost of the loan.

Types of Consumer Loans

  • Installment loans are paid at regular intervals
  • Secured loans are loans against an asset
  • Unsecured loans are offered with high interest rate with no collateral
  • Single-payment loans are for short-term financing
  • Fixed-rate loans have rates that will not change
  • Convertible loans have varying rate structures over time

Cheapest Consumer Loans

To get the cheapest consumer loans, seek low interest rates. The interest rate on a consumer loan is directly related to a number of factors including the length of the consumer loan and the average monthly payments. If you are able to have higher monthly payments and pay back your consumer loan quickly, your interest rates will go down. Consumer loan rate quotes vary between lenders and depend on the options you provide. To get the best consumer loan rate quotes, be flexible and approach multiple lenders.

For more information on understanding consumer loan quotes, visit:
http://www.loan.com/truth-about-loans/can-i-trust-rate-quotes


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