PayDay Loan – Also known as a “cash advance”, requires the borrower to show their most recent pay stub and write a check from the bank account where they are paid by their employer.Home Equity Loan – Secured by the borrower’s home in case the funds are not paid-back.Requires the borrower to purchase insurance in the chance of default. FHA Loan – To purchase a home with bad credit (cannot be below 580).Car Loan – Used to purchase a vehicle usually with a term of 5 years (60 months).If the business is new or in bad financial shape a personal guarantee by the owner of the entity may be required by the lender. Business Loan – For expansion or new equipment.
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