If you’re looking to get a loan, it helps to know what you plan on using it for. There are several types of loans available in the country, ranging from something that simply adds to your current funding based off of your salary, or something that requires a lot more thinking like a business loan.
It’s important to understand your options and the risks involved when borrowing money. Most loans fall under two distinct categories: Unsecured and Secured.
Secured loans require collateral, which will be used to pay back the amount borrowed should you default on the loan, while Unsecured loans require no collateral but have a higher interest rate in order to ensure prompt payment.