Cash loan : A loan that is required to cover up some sudden expenditure or buy something that was not planned.
Good credit loan : A loan that is offered to someone with good credit history.
Bad Credit Loan : A loan that is usually offered to someone with poor credit history.
Secured loan : A personal loan, which is approved after pledging of collateral that acts as a security for the loan. If the borrower fails to pay the loan, then the lender can sell the asset.
Unsecured loan : An unsecured loan is the loan that is given without any collateral or security. Here the borrower need not pledge any additional security.
Adjustable-Rate Mortgage (ARM) : Mortgages whose rates of interest changes with the fluctuation in the market and changes in government policies.
Annual percentage rate (APR) : The cost of the mortgage and its calculations, which include the interest rate, insurance, tenure, and applicable fee.
Collateral : Collateral is an asset, which is worth the value of the loan and is often used as a security when the borrower is not able to repay the loan.