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loans are when one party gives money to another party in exchange for that amount to be repaid usually with interest they can help borrowers out of a bind assist borrowers in purchasing expensive items or advancing their careers or may even be used by unscrupulous lenders to take advantage of the desperate understanding the basic types of loans can help borrowers recognize which ones are appropriate and can even help them get better deals in this video well go over the basics behind nearly every type of loan most of which fall under consumer loan options small business loan options and crowdsourcing and other non-traditional loan sources and check below in the video description where we will note the times for certain sections if you want to skip to specific types of loans first lets cover consumer loan options starting with personal loans personal loans from institutions personal loans are a common way for consumers to get money from banks or credit unions the money is paid in a lum