Secured Loans: Cater to people with bad credit. These loans are higher risk to the lender. The borrower needs to put up some form of collateral. In most cases it is the borrowers vehicle as long as they own the vehicle outright. This means the title to their vehicle must be free and clear of any liens.

Unsecured Loans: Theses types of loans cater to people with good credit. No collateral is needed. The better the credit the lower the interest.

Family Loans: These are the best kind of loans if they are available to you. The best thing about getting a loan from a friend or family member is the fact that there is usually no interest attached to it.