There are several types of loans available to meet different financial needs. A personal loan is typically unsecured and can be used for various purposes, such as consolidating debt or financing a large purchase. Mortgage loans are specifically designed for buying homes, where the property itself serves as collateral. Another common type is the auto loan, which helps individuals purchase vehicles, with the car acting as security for the loan. Student loans are tailored for educational expenses, allowing students to finance their education and pay it back after graduation. Each loan type has its own terms and interest rates.