Do you need to buy a car or a house? Do you want to take your family on holiday? Do you just need extra cash? If so, there are many types of personal bank loans available to you.  Though you might need reasonably good credit, you can choose between secured or unsecured varieties, all of which can be paid back over a set period of time.

So, what types of personal bank loans can you get? Again, this depends on your credit and whether or not you have a good standing with a bank and have collateral to put up as security for the loan.  Let’s look at your options:

•    secured – you pledge your car or home to secure your loan
•    mortgage – a loan to buy a home or other property
•    direct auto loan – the bank gives you the money to buy your car by depositing the funds into your bank account
•    indirect auto loan – the bank authorizes a loan for a vehicle, but pays the funds directly to the vehicle dealership
•    unsecured – your bank gives you a loan for whatever you agree to, but bases your right to receive the money on your credit only and requires no secured assets such as a car or house to approve your loan
•    demand – a short-term type of loan that your bank gives you based on exceptional credit and/or good collateral for any purpose, but the dates are not fixed for repayments and the interest rates are floating in accordance with the prime lending rates; your bank can demand repayment whenever it likes

Getting personal bank loans usually requires that you have exceptional credit, are known to the bank and/or have substantial collateral to back up your ability to pay back your loans.  Though the most common are secured, some people are in a good enough position to get an unsecured or even demand loan as their income and ability to pay are beyond reproach, proven over time with the bank to be reliable.

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