Laser Focus World is an industry bedrock—first published in 1965 and still going strong. We publish original articles about cutting-edge advances in lasers, optics, photonics, sensors, and quantum technologies, as well as test and measurement, and the shift currently underway to usher in the photonic integrated circuits, optical interconnects, and copackaged electronics and photonics to deliver the speed and efficiency essential for data centers of the future.

Our 80,000 qualified print subscribers—and 130,000 12-month engaged online audience—trust us to dive in and provide original journalism you won’t find elsewhere covering key emerging areas such as laser-driven inertial confinement fusion, lasers in space, integrated photonics, chipscale lasers, LiDAR, metasurfaces, high-energy laser weaponry, photonic crystals, and quantum computing/sensors/communications. We cover the innovations driving these markets.

Laser Focus World is part of Endeavor Business Media, a division of EndeavorB2B.

Laser Focus World Membership

Never miss any articles, videos, podcasts, or webinars by signing up for membership access to Laser Focus World online. You can manage your preferences all in one place—and provide our editorial team with your valued feedback.

Magazine Subscription

Can you subscribe to receive our print issue for free? Yes, you sure can!

Newsletter Subscription

Laser Focus World newsletter subscription is free to qualified professionals:

The Daily Beam

Showcases the newest content from Laser Focus World, including photonics- and optics-based applications, components, research, and trends. (Daily)

Product Watch

The latest in products within the photonics industry. (9x per year)

Bio & Life Sciences Product Watch

The latest in products within the biophotonics industry. (4x per year)

Laser Processing Product Watch

The latest in products within the laser processing industry. (3x per year)

Get Published!

If you’d like to write an article for us, reach out with a short pitch to Sally Cole Johnson: [email protected]. We love to hear from you.

Photonics Hot List

Laser Focus World produces a video newscast that gives a peek into what’s happening in the world of photonics.

Following the Photons: A Photonics Podcast

Following the Photons: A Photonics Podcast dives deep into the fascinating world of photonics. Our weekly episodes feature interviews and discussions with industry and research experts, providing valuable perspectives on the issues, technologies, and trends shaping the photonics community.

Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

Borrowing Money: Understanding Different Loan Options

Image Source

Borrowing money isn’t bad if you know how it works and how to pay on time. For instance, taking a loan can be used for something meaningful, such as funding a business or buying a home. Whatever purpose you want to use the money, there’s a specific type of loan for you.

For those who need to borrow money, it will help to know and understand the different loan options offered by lending companies.

Student Loan

A student loan is borrowed from a private lender or the federal government to pay for college and graduate school. Both student loan sources have their own advantages and disadvantages.

Private lending companies that offer student loans have different sets of loan terms, fees, and interest rates. Loan applicants must go through a credit check to qualify for the student loan, and there’s typically no income-based repayment plan or loan forgiveness.

Federal student loans serve as a financial aid to college students. The loan terms, fees, and interest rates are similar for each borrower with the same loan type. There’s no credit check, and the loans come with income-based repayment plans, deferment, and forgiveness.

Auto Loan

An auto loan enables you to borrow money for buying a vehicle. This loan is a secured loan, which means the lender can repossess the vehicle if you stop making payments.

Loan terms vary across auto loan providers but typically last up to 36 months or 72 months. As the prices of vehicles are rising, it’s common to find longer loan terms.

Personal Loan

Individuals who get a personal loan can use it for different purposes. Typically, borrowers use this loan to cover house improvement, wedding, or emergency expenses. The loan terms range from a few months to years, with adjustable or fixed interest rates.

Most personal loans don’t need collateral. If you want to borrow this type of loan, check out GoodCheddar loans.

Mortgage Loan

The purchase price of a house can be covered by a mortgage loan. This is another type of secured loan, which means the lender can foreclose the property if you stop making payments. Mortgage loan terms range from 10 to 30 years, and there are adjustable rate or fixed rate options.

Traditional mortgage loans aren’t backed by government agencies, but there are borrowers who are eligible for mortgages insured by the Veterans Administration and Federal Housing Administration.

Payday Loan

A payday loan is money borrowed and must be repaid by your next payday. This loan option doesn’t require a credit check but it comes with a high annual percentage rate of up to 400%. Due to its short repayment term and exorbitant rates, payday loans hurl borrowers into a vicious debt cycle.

Credit-Builder Loan

Designed for people who want to improve their credit, credit-builder loans come with a fixed monthly repayment term ranging from 6 to 24 months. Typically, borrowers of this loan type don’t have to go through a thorough credit assessment.

If you want to take a credit-builder loan, you should ensure that your lender reports your successful repayment to major credit bureaus. This way, you’ll have a good credit history or fix any bad credit.

Home Equity Loan and Line of Credit

Borrowers can use as security the percentage of their home equity to borrow money. The amount of money you’ll borrow can be utilized for different purposes. You have two options when using your home equity: a home equity loan or a home equity line of credit.

A home equity loan provides you a lump sum which must be repaid with interest in monthly installments for 5 to 30 years. A home equity line of credit lets you draw from a credit line whenever you need money during a draw period that typically lasts up to 10 years. When the draw period ends, you need to repay the total amount for 20 years.

Takeaway

Before taking out a loan, borrowers need to understand the different loan options out there. The common types of loans available in the market today are student loans, personal loans, payday loans, auto loans, mortgage loans, credit-builder loans, and home equity loans or home equity line of credit. These loan options have different repayment terms, fees, and interest rates.

Stock Quote API & Stock News API supplied by www.cloudquote.io
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms Of Service.