Perspectives

Loan Basics Infographic

What’s one major project or goal you’d like to accomplish this year?

Are you looking to buy your first home? Start a business? Maybe purchase your dream car?

Loans are tools that can help you achieve those goals when used properly.

Understanding the terminology behind the various types of loans is a great way to discover which loan is best for you.

Check out the infographic below which details the differences between Federal and Private Loans, Personal and Commercial Loans, Secured and Unsecured Loans, and Fixed and Variable Rates.

loan-basics-infographic

One major project our family will tackle this year is putting a fence around our property.

We purchased the lot next door to our home so that our kids could have a play area. There aren’t that many big yards for homes in the city, so this was a big deal.

We refinanced our home and applied for a personal loan to cover the supplies and labor for the fence.

We have some landscaping to take care of first, but it’s exciting to know that we will have a beautiful yard and outdoor space for family and friends once it’s done. Stay tuned!

If you could have a new house or new car, which would you choose and why? Share your comments below.