There are several kinds of loans. Some of these will range from a few months of repayment, up to several years. The different kinds of installment loans are as mortgage loans – typically from 10-30 years of repayment. They are some of the safest loans because the house will be used as collateral if someone defaults on their payment. Another is the Automobile Loan which is typically from 2-6 years of repayment. Interest rates will vary greatly, based on credit. If someone has a bad credit score, they will end up paying extremely high interest rates up to 25%.
Next is the loans for bad credit or bad credit personal loan – this has the very short repayment periods such as 2-12 months. This can be a little difficult to get approved because you don’t have any collateral to give to the lending institution even you have bad credit history. Lastly the student Loans, this can vary quite a bit, based on how much you can owe and due to the paying ability of the borrower.