Types of Bank Loans

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The three most popular types of bank loans include unsecured personal loans for less than $5,000, automobile secured loans and home equity loans or lines of credit. Apply for a loan that fits your needs with help from a mortgage broker in this free video on loans.

Part of the Video Series: Home Equity Loans & Foreclosures
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Video Transcript

Hi this is Matt McKillen with Innovative Financial Group. The question posed to me today is what are the different types of bank loans? Generally there's two or three, maybe four different types of loans you can receive from a traditional bank. First off, some banks still do offer unsecured personal loans. This is basically a loan you can take for generally 5,000 dollars or less is my experience on a signature where there's no collateral on the loan. Another popular loan by banks is an automobile secured loan. Whether you're purchasing a new vehicle or a used vehicle, what happens is the bank will advance the money to the dealer or to the private party you're buying your car from and then you will have usually anywhere from a 3 year to 5 year to 7 year term of repayment to pay the money back to the bank for the car that you've purchased. And third, the most popular bank loan is the home equity loan. Home equity loan is generally a second mortgage or a home equity line of credit secured by your primary residence which can be used for a variety of things whether it be home improvements, debt consolidation, tuition for school. But generally those are the three most popular loans that banks offer. Again my name is Matt McKillen and I'm with Innovative Financial Group.


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