The majority of individuals have at least one loan, and in fact most of them have many loans. Credit and debt have become a way of life, and saving is no longer in vogue. This of course is unsustainable and resulted in the severe financial crisis we are in now.

Loans come in many forms, depending on the purpose of borrowing. Debt consolidation loans are a great solution for persons or businesses with several loans with high interest rate, allowing them to consolidate their debt and do refinancing at lower interest rates.

Equity Loans (home equity loans) can be obtained using your home equity as collateral for a large sum loan (think of this as a second mortgage). A home equity line of credit (HELOC) is a special kind of credit line tapping the existing equity in your home. Home owners trading up, might need a bridge financing, while arranging for permanent one. In certain cases, borrowers might want to consider getting interest only loan. A loan can be a secured loan (car loan for example) or unsecured loan (personal credit line for example).

Another thing you can do is pull a copy of your credit report, to make sure that the information there is correct and it won’t affect your ability to get a loan. If you have less than stellar credit, it’s likely that mainstream lenders won’t be willing to give you a loan, and in this case you can apply for the so-called bad credit loans from one of the subprime lenders. If debt is overwhelming you can take advantage of credit counseling services available to borrowers in trouble.