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| Asked by:
czarpavan on Apr-11-2008 11:42:22 | |
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 | What is the difference between secured and unsecured loans? |
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| Answer
1 Contributor: john on Apr-17-2008 02:42:42 |
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A Secured loan is a loan in which you offer the bank or lending institution a kind of guarantee that they will receive payment for the loan. The example of this might be some assets that you have, like your house or your car or stock certificates. Although you don't have to turn them over to the Bank in order to get the loan, having them in your possession assures them that if you are to default on your payment they would have something to seize and sell to recover their losses.
An unsecured loan is a loan in which you use your credit rating to help you borrow money from the Bank. People who do not have assets or do not want to provide assets as a guarantee may prefer this type of loan. | Report
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