Types of loans

CL Loan supports the following types of loans:

• Consumer Loan
• Business Loan

Consumer loan

A consumer loan is an amount lent to an individual usually on an unsecured basis for personal, family and household purposes.

The following are the types of Consumer Loan:

• Personal loans for managing temporary cash flows
• Loans for assets, auto, household appliances, farm equipment
• Loans for services, for example, household improvements, alternative energy
• Loans for special events, for example, weddings, property tax
• Loans for education, for example, tuition, living expenses

Business loan

A business loan is a loan specifically intended for business purposes. As with all loans, it involves the creation of a debt, which will be repaid with added interest. 

The following are the types of Business Loan:

• Loans
• Lines of Credit

The following are some more types of Business Loans with examples:

• Purchase of income generating assets. For example, kitchen Equipment for Restaurants, Plant and Machinery for a Manufacturing Company
• Purchase of non core assets. For example, Office Equipment, Computers, Furniture and Fixtures
• Financing working capital for purchase of goods to be sold
• Financing fluctuations in cash flow when sales are seasonal