The easiest and most common consumer loans are the installment consumer loans. These kinds of loans are disbursed by a bank in one lump sum, secured against a property, and then repaid over time in what normally are monthly installments. The most popular consumer installment loans are home mortgages, car loans, student loans and personal loans. In order to obtain any of these kinds of consumer loans you will need to have a decent credit history and have done some research into interest rates and different terms of repayment prior to applying. You should have an income that will enable you to pay back the loan and of course, if you can provide the bank with some kind of collateral then this is even better for them.
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If you are looking for consumer loans that do not require collateral you will find the loan market to be much less competitive. It is still possible to find low rate unsecured loans but they will generally come at a higher interest rate than with secured consumer loans because there is greater risk for the bank. With unsecured loans you will generally just need to have a steady source of income in order to be approved and this can be used as security for obtaining a low interest rate.
One other type of consumer loan types is the small business loan types. Small business loans can be a great way for a new or small business owner to finance the start up costs of their company. Most banks will not help you with small business loans unless you have something like land to use as collateral and even then the bank may only offer you half the amount needed to start your business. The small business loan is designed for people who are either planning on expanding their business or have one that they are already operating. This is because of the very high risk associated with a small business and the difficulty in obtaining traditional financing.