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When it comes to taking a loan there are many separate types to choose from all with their own jargon. Here I construe what all the separate types of loans are and construe the jargon.

Secured Loans are taken out and secured against an asset, commonly your home. It could be your car or whatever that is valued more than your loan. The asset you have secured is known as 'collateral' in the loan, meaning that it serves as protection for the lender, so if the borrower fails to pay the loan and interest under the terms of the loan then the lender becomes the owner of the collateral.

Unsecured loans do not have any collateral against it which generally means the borrower is a lower risk. This doesn't mean that if they fall behind on repayments they will be let off, far from it, they may receive court judgements which force them to repay the whole or worse case scenario face bankruptcy. Compared to the secured type these are generally smaller amounts and are lent over a shorter period of time.

Debt Consolidation Loans is one that replaces many other. The money is used to pay off other loans so that you just have one debt and one lender to repay. This type of borrowing can help lower monthly debt repayments. You can whether spread the loan over a longer period of time which will normal mean paying a higher interest rate.

Payday loans are short term amounts of up to £500. They are paid back within 30 days or sometimes more if the lender allows. These loans are generally paid on your next payday hence the name 'payday loan'. They don't check your prestige history, and you just have to be over 18 and have been working for the past 3 months and have a bank account. The money is lent very speedily sometimes within 24 hours.