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Additional Details
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lost_Zimbo | What is the difference between an unsecured and secured loan? |
I'm thinking of getting a loan but then the question comes up as to whether I want a secured or unsecured loan? WHats the difference and which ine is more advisable to take? |
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janbla
 |
Secured loan is a loan secured against something, eg your house, in case you can't pay it back. Unsecured is better if you can get it. |
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cuddles_gb
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Secured - lower rate, but if you miss enough payments, they will reposses the object against which you secure the loan (usually a house).
Unsecured - higher rate, but the loan is not secured against your house. Not sure exactly what happens if you miss too many payments, probably legal action or something. |
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simon m
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Read above |
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kokopelli
|
A secured loan is one that has some other property as collateral. For example, if you buy a car and offer your wife as collateral to secure the loan, if you do not make the payments the bank can come and take your wife.
An unsecured loan is better because there is no collateral required, but if you have a nagging wife a secured loan might be preferable. |
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Penfold
 |
A secured loan is given when you provide some collateral e.g. your house, your car. The loan is secured against this collateral so if you can't pay the loan back, you lose your collateral.
An unsecured loan does not require you provide any collateral. If you can't pay the loan back, the loan company will lose the capital it gave you.
Generally, secured loans have lower interest rates than unsecured loans. |
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huffy
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A secured loan is a loan in which the borrower pledges some asset (e.g. 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 thus secured against the collateral — in the event that the borrower defaults, the creditor takes possession of the asset used as collateral and may sell it to satisfy the debt by regaining the amount originally lent to the borrower. From the creditor's perspective this is a category of debt in which a lender has been granted a portion of the bundle of rights to specified property. The opposite of secured debt/loan is unsecured debt, which is not connected to any specific piece of property and instead the creditor may satisfy the debt against the borrower rather than just the borrower's collateral
Unsecured loans, are monetary loans that are not secured against the borrowers assets. |
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*****
 |
Unsecured- NOT backed by collateral; secured, backed by collateral. |
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gail_hurd
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I think an unsecured loan usually has a higher of interest but if you default they cannot repossess your house. A secured loan is secured against your property.
People who do not own property usually have to have an unsecured loan. |
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Mike
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A secured loan is a loan where something, such as a house is used to back it up so to speak. If you fail to make repayments the thing that the loan as been secured against, eg a house, can be taken away from you. Normally these types of loans are cheaper. |
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monkhelz
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A secured loan is just as it says...secured against your home or other assets. If you default, your home is at risk. An unsecured loan will not put your home at risk and is suitable for non home owners. If you own you home and secure a loan against it, make sure you can afford the repayments otherwise it can be repossessed. |
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simpleshweta
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secured loan is that loan against which the lender asks you to enforce some property or belongings of u as a security.if you fail to repay the loan,then he has the right to retain or sell your security.whereas in unsecured loans there is no such requirement.if unsecured loan is available at a low rate,then you can think to take it. |
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uknative
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A secured loan means you're providing 'security' that your loan will be repaid according to the agreed terms and conditions. The security is in the form of collateral, and is usually your home. It's important to remember that if you are unable to repay a secured loan, the lender has recourse to the collateral you've pledged and may be able to sell it to pay off the loan. An unsecured loan, however, is given when the lender believes that you can repay the loan on the basis of your financial resources (usually your salary). Granting the loan is not based upon 'collateral'. Unsecured loans are usually offered at higher rates than secured loans and have lower borrowing amounts, whereas a secured loan is usually needed when borrowing larger amounts to fund major purchases. |
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John H
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all the above - but also (sorry if this has already been mentioned) secured loans are usually variable rate and unsecured loans are usually a fixed!!! |
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gordonmother
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Secured your debt against your assets by registration of a charge. Unsecured there is no assets and you are solely responsible for the debt. |
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gary s
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Secured means if you don't pay,they can sell the property you used for collateral.It's less risky for them,so they're more likely to agree to your terms and/or a lower intrest rate.Unsecured means you are promising you'll pay them back,but if you don't they have no option except for a collection agency,and they are more hesitant to approve it. |
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Paul M
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An unsecured loan is one that is made on the basis of the borrower's creditworthiness, rather than secured by some sort of collateral (e.g. your house for a mortgage) that is pledged -- and you the borrower, lose -- if you don't repay the loan. You need a good credit rating to get an unsecured loan, so those are usually cheaper. |
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