| Personal Loan (Unsecured) |
6% - 36% |
$1,000 - $100,000+ |
1 - 7 years |
Flexible use (debt consolidation, home improvement, etc.), APR heavily dependent on credit score, unsecured (no collateral) |
| Auto Loan (Secured) |
3% - 25% |
Varies by vehicle value |
3 - 7 years |
For purchasing a vehicle, secured by the car (collateral), lower APRs than personal loans generally |
| Student Loan (Federal) |
4% - 8% (Fixed - varies by year) |
Varies by education costs |
10 - 20+ years |
For education expenses, federal loans often have fixed rates and borrower protections (deferment, forbearance, income-driven repayment) |
| Student Loan (Private) |
4% - 15%+ |
Varies by education costs |
5 - 20+ years |
For education expenses, private loans often have variable or fixed rates, rates highly dependent on credit score and cosigner |
| Mortgage (Home Loan) |
3% - 8% |
Varies by home value |
15 - 30 years |
For purchasing or refinancing a home, secured by the property, lower APRs, large loan amounts, closing costs involved |
| Home Equity Loan (Secured) |
4% - 12% |
80-90% of home equity |
5 - 30 years |
Secured by home equity, lump sum disbursement, fixed rate, used for home improvements, debt consolidation, etc. |
| Home Equity Line of Credit (HELOC) (Secured) |
4% - 10%+ (Variable) |
80-90% of home equity |
5-10 year draw period, 20 year repayment |
Secured by home equity, revolving credit line, variable rate, flexible access to funds for ongoing needs |
| Debt Consolidation Loan |
6% - 30% |
Varies by debt amount |
2 - 7 years |
Typically a personal loan used to combine multiple debts, simplifies payments, may lower overall interest depending on existing debt |
| Business Loan (Term Loan) |
6% - 30%+ |
Varies by business needs |
1 - 10+ years |
For business expenses, term loans have fixed repayment schedules, rates vary widely based on business credit, collateral |
| Business Line of Credit |
7% - 25%+ (Variable) |
Varies by business needs |
Revolving |
For business expenses, flexible access to funds, interest paid only on borrowed amount, rates vary based on business credit |
| Payday Loan (Unsecured) |
400% - 700%+ |
$100 - $500 (typically) |
2 - 4 weeks |
Very short-term, extremely high fees and APR, small loan amounts, typically due on next payday, avoid if other options exist |
| Credit Card (Purchase APR) |
15% - 30%+ (Variable) |
Varies by credit limit |
Revolving |
Revolving credit, APR applies to balances carried month-to-month, rewards programs common, useful for short-term borrowing and convenience |
| Balance Transfer Credit Card |
0% intro APR (for a period, then regular APR) |
Varies by credit limit |
Intro period + Revolving |
Credit card focused on transferring high-interest debt, often offers 0% intro APR for balance transfers for a limited time |
| Cash Advance (Credit Card) |
25% - 30%+ (Variable) + Fees |
Varies by credit limit |
Revolving |
Accessing cash from credit card, very high fees and APR, interest accrues immediately, generally not recommended |
| Secured Loan (General) |
Varies widely (often lower than unsecured) |
Varies by collateral value |
Varies |
Any loan backed by collateral (asset), lower risk for lender, often results in lower APRs compared to unsecured loans |
| Unsecured Loan (General) |
Varies widely (often higher than secured) |
Varies |
Varies |
Loan not backed by collateral, higher risk for lender, often results in higher APRs compared to secured loans |
