What is the difference between an unsecured and secured loan?

Answers:11   |   LastUpdateAt:2012-11-04 00:47:02  

Asked at 2012-08-21 01:55:25
I'm thinking of getting a loan , but then the question arises of whether I want a secured or unsecured loan ? What is the difference and which ine is better to take ?
Answer1JoshiAnswered at 2012-08-21 06:51:25
A secured loan is as it says ... secured against your home or other assets . If you default, your home is at risk . An unsecured loan will not risk your home and is suitable for non- homeowners . If you own house and get a loan against it , make sure you can afford the repayments so may be repossessed .
Answer2MortenAnswered at 2012-08-22 11:02:02
An unsecured loan is one that is made on the basis of the borrower's creditworthiness , rather secured by some type of collateral (eg , a home mortgage) that promised - and the borrower loses , - if it does repay the loan. You need good credit to get an unsecured loan , so these are generally cheaper.
Answer3HaylieyAnswered at 2012-08-26 21:37:17
Debt secured against their property by registering a charge . No unsecured assets and you are solely responsible for the debt .
Answer4NICK Exemplification EssyAnswered at 2012-08-27 14:02:03
Unsecured - not backed by collateral , insurance -backed guarantees.
Answer5Brooke=HELPAnswered at 2012-08-31 14:42:03
A secured loan is one that has some other property as collateral. For example , if you buy a car and give his wife as collateral to secure the loan , if you do not make the payments the bank can come and take his wife . MedlinePlus MedlinePlus An unsecured loan is better because there is no collateral required , but if you have a nagging wife, a secured loan may be preferable .
Answer6AndreAnswered at 2012-09-05 02:53:05
Read above
Answer7EmmalineAnswered at 2012-09-09 05:33:02
A secured loan is a loan that is used something like a house for a backup so to speak . If you can not make the payments so that the loan is subject to , for example , a house can be taken from you . Usually these loans are cheaper .
Answer8Shelly,kAnswered at 2012-09-22 01:22:05
A secured loan is a loan in which the borrower pledges some asset (eg a car or property) as collateral for the loan , which then becomes a secured debt owed ​​to the creditor who gives the loan . The debt is secured against the collateral and
Answer9Assignment6Answered at 2012-10-01 05:08:06
I think an unsecured loan usually has a higher interest , but if the default can not take possession of your home . A secured loan is secured against your property . MedlinePlus MedlinePlus People who do not own property usually has to have an unsecured loan .
Answer10marquitaAnswered at 2012-10-20 01:01:25
A secured loan is when an example is provided collateral your house, your car. The loan is secured against this guarantee so if you can not pay the loan , you will lose your warranty . MedlinePlus MedlinePlus An unsecured loan does not require that you provide a warranty . If you can not pay the loan , the loan company to lose the capital they gave . MedlinePlus MedlinePlus Generally , secured loans have lower interest rates than unsecured loans .
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