What’s the distinction between a secured loan and an unsecured loan?

What’s the distinction between a secured loan and an unsecured loan?

You can find differences when considering bad credit loans which come under secured finance and quick unsecured loans. They are:

  • Collateral: Collateral is needed for the unsecured loan. In secured personal loans, there’s no such requirement.
  • Interest: The interest rate for secured finance is low whereas the interest rate in quick unsecured loans is high.
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