Whats the difference between a secured loan and unsecured loan

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Skip to Main Content. But with so many lending may need to plan to loan with bad credit. Interest rates may be slightly higher, but they could still and unsecured loans Which should.

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Swoosh Finance Loan Lessons Secured vs Unsecured Loans
Secured loans require that you offer up something you own of value as collateral in case you can't pay back your loan, whereas unsecured loans allow you borrow. Secured loans are backed by collateral, while unsecured loans are based primarily on a borrower's creditworthiness. There are other key differences. � Secured loans: Loans in which your property (things you own) is used as collateral; if you cannot pay back the loan, the lender takes your collateral to get.