Here is a list of commonly used loan phrases and types. This website and its information is for guidance only, make sure you discuss all terms and conditions with your lender as 'jargon' and its meaning can change.

Car Loan
Sounds obvious, but car loans are a notorious minefield of complication. Don't be hurried into a decision and make notes of simple questions before you discuss the loan. Car dealer's offer loans and often get commission for arranging one. Negotiate the car price by implying you will get a maximum loan through them, then reconsider the amount you are going to borrow having got probably their best price! A straight loan, hire purchase (basically rent then own) or Personal Contract Purchase (PCP) where you pay an amount up front followed by monthly payments then a final payment or you can return the car.

Bridging Loan
Sometimes you may need to pay for a new house or home before you have sold or recieved the money for your current house. In these circumastances you can get a 'bridging loan'. The lender will need to be confident that you are being realistic in expecting the money to be forthcoming for the sale of your current home. The interest can be very high, so it is in your interest to be sensible as well. If everything goes pear shape, see what the downside is and what security the lender may claim on. 

Consolidation Loan
If you are finding problems in meeting the total monthly payments on your debts a debt consolidation loan is where you borrow money to pay off all your current debts (not mortgage in most cases) and reduce the monthly payments. Credit card debts can spiral out of control, so putting them all into one 'consolidation loan' can help reduce the overall interest you are paying. The lender will probably want security, usually your home, so make sure you can meet the payments!

Tenant Loan
Tenant loans are usually unsecured loans with higher interest rates because their is no real security, in other words their risk is higher. 

Bank Loan
These are loans from a bank who earns their money from the interest they charge you.

Student Loan
A student loan is like a normal loan with the interest paid on it being linked to the inflation rate. Thus the studentis repaying the exact amount that they borrowed in reality. Income level dictates the amount of each repayment. Students, when they become employed, only have to start paying back the loan when they are earning a preset amount, usually £10000 gross. The actual payment is whatever you earn over £10000 and working out 9% of that. Overpayments can be made, but there is little point.

Personal Loan
Loans for buying a home is a mortgage, a loan to help start or expand a business is a business loan, and thus a personal loan is one designated for personal reasons that need not be specific. You can take out a loan secured on your property, perhaps with your mortgage provider or an unsecured loan where the interest payments may be a little higher because of the lack of security. Personal loans can not only be acquired from a bank, but from building societies and others. Shop around and find the best deal, taking into consideration the longterm cost and the downside if you fail to meet the payments.

Loan advice
Lenders often only show you the headline interest rate, but this could change very quickly, compare loans using the APR. It is a legal obligation for lenders to show the APR rate. The APR enables you to make a true comparison. An example is that you could have a monthly interest rate of 1%, but the year interest rate could be 15% which is a lot more! The APR has to include the arrangement fee, any payment protection with an insurance premium etc. etc. and so the lower the apr the better. Loans are often related to the 'base rate'. This is an interest rate reference set by the Bank of England. A loan rate may be said to be 3% higher than the base rate and if the base rate is 4%, you are paying 3% above it then you will pay 7%.

Loan calculator
Finance and loan website often offer a loan calculator which works out your monthly payments. You can input what you can afford to pay or an interest rate or other options, depending on the sophistication of the online loan calculator. Surf around and try different ones.