Most people are familiar with standard loans like mortgages or personal loans. But did you know there are dozens of specialized loan types that can meet specific financial needs? From peer-to-peer lending to payday alternatives, this post explores 7 unique loan types that might just be the perfect solution for your next financial decision. These loan types are often easier to access, come with flexible repayment terms, and can help you avoid high-interest debt.
Topics Covered:
- Microloans for small businesses
- Peer-to-peer loans for personal use
- Balloon loans
- Lines of credit
- Payday alternative loans (PALs)
- Equipment financing loans
- Debt consolidation loans
Why it matters:
Knowing your options empowers you to make smarter borrowing decisions and avoid falling into debt traps.