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What's the difference between a secured personal loan & an unsecured personal loan?
Most personal loans come with two options, as a secured or unsecured loan. But which option is best for you?
With a secured loan, you will need to provide an asset as security, such as a car. Secured loans can benefit from lower rates, longer loan terms and the ability to borrow larger amounts. They're great if you own an asset outright, or are looking to buy a car. However, if you don't repay the loan on time, the lender has the right to seize and sell your asset.
With an unsecured loan, You don't have to put up an asset for security. The benefit of an unsecured loan is faster, simpler application and assessment, so you could get the money faster.