The Difference Between Secured and Unsecured Loans

There are broadly two different types of loan, secured and unsecured. They are very different if you are thinking about taking out a loan, then you should understand the difference. Secured A secured loan uses something that you own and has value as the collateral. This means that should default (not pay) the loan back then the lender has the right to take that thing. This might be your car, your home or something else that is of high value. This might sound scary, but if you are able to keep up with repayments, then everything will be fine. ... [read more]

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