Type of Nature of Credit Source of Credit Annual
Credit Interest
Rate
(Range)
1. Salary Loan A short-term loan that Social Security 12% - 36%
allows employees to System (SSS), GSIS,
access a portion of their Private Lending
salary before payday. Companies
2. Credit Card A revolving line of credit Banks, Credit 12% - 30%
allowing purchases on Unions, Retail
credit, with a minimum Stores, Online
payment due each month. Lenders
3. Personal An unsecured loan for Banks, Credit 6% - 36%
Loan personal use, typically Unions, Online
repaid in fixed monthly Lenders
installments.
4. Auto Loan A secured loan used to Banks, Credit 3% - 15%
purchase a vehicle, with Unions, Auto
the vehicle serving as Dealerships, Online
collateral. Lenders
5. Mortgage A secured loan used to Banks, Credit 3% - 8%
Loan purchase real estate, with Unions, Mortgage
the property serving as Companies, Online
collateral. Lenders
6. Home A secured loan that allows Banks, Credit 4% - 12%
Equity Loan homeowners to borrow Unions, Online
(HELOAN) against the equity in their Lenders
home in a lump sum.
7. Home A revolving line of credit Banks, Credit 4% - 12%
Equity Line of secured by the equity in a Unions, Online
Credit home, allowing borrowers Lenders
(HELOC) to draw funds as needed.
8. Student A loan to finance Government (e.g., 3% - 12%
Loan educational expenses, Department of
often with deferred Education), Banks,
repayment options. Credit Unions,
Online Lenders
9. Business A loan to finance business Banks, Credit 5% - 25%
Loan operations, expansion, or Unions, Online
investments. Lenders,
Government (e.g.,
SBA)
10. Line of A flexible loan that allows Banks, Credit 7% - 20%
Credit business to draw funds as Unions, Online
(Business) needed, up to a certain Lenders
limit.
11. A loan specifically for Banks, Equipment 5% - 20%
Equipment purchasing equipment for Finance Companies,
Financing a business. Online Lenders
12. Invoice A loan secured by a Factoring 10% - 40%
Financing company's outstanding Companies, Online (Factoring
invoices, providing Lenders Fee)
immediate cash flow.
13. Supply Short-term financing that Banks, Supply Chain Varies,
Chain optimizes payment terms Finance Companies, Discount
Financing between buyers and Online Platforms Fees
suppliers, improving
working capital.
14. A loan to finance farming Banks, Credit 4% - 15%
Agricultural operations, livestock, or Unions, Farm Credit
Loan agricultural equipment. Associations,
Government (e.g.,
USDA)
15. Microloan A small loan targeted Microfinance 10% - 40%
towards entrepreneurs, Institutions (MFIs),
small businesses, or Non-Profit
individuals with limited Organizations,
access to traditional Online Lending
banking services. Platforms
16. Payday A short-term, high- Payday Lenders, 300% -
Loan interest loan intended to Online Lenders 700%
be repaid on the (APR)
borrower's next payday.
17. Title Loan A short-term, high- Title Loan 200% -
interest loan secured by Companies, Online 300%
the borrower's vehicle Lenders (APR)
title.
18. Retail A credit line offered by a Retail Stores 15% - 30%
Credit retail store for purchasing
Account goods or services from
that store.
19. A loan repaid in fixed, Banks, Credit 6% - 36%
Installment scheduled installments Unions, Online
Loan over a set period. Lenders, Retailers
20. Bridge A short-term loan used to Banks, Mortgage 8% - 15%
Loan "bridge" the gap between Companies, Online
buying a new property Lenders
and selling an existing
one.
21. A loan used to finance the Banks, Credit 6% - 12%
Construction construction of a building Unions, Mortgage
Loan or home. Companies
22. Peer-to- A loan funded by P2P Lending 6% - 36%
Peer (P2P) individual investors Platforms (e.g.,
Loan through online platforms, LendingClub,
bypassing traditional Prosper)
financial institutions.
23. Overdraft A credit facility that Banks, Credit Unions 15% - 30%
Facility allows account holders to
withdraw more money
than they have in their
account, up to a certain
limit.
24. Credit A line of credit extended Banks, Credit Unions 6% - 18%
Line for specifically to
Professionals professionals such as
doctors, lawyers, or
engineers, often with
preferential terms.
25. Secured A credit card that requires Banks, Credit 15% - 30%
Credit Card a cash deposit as Unions, Online
collateral, often used by Lenders
individuals with limited or
poor credit history to
build credit.
