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Personal loans, credit cards, student loans and medical loans are some forms of unsecured debt. Secured and unsecured debts have many similarities, but one major difference is whether collateral ...
Secured loans differ from unsecured loans in that secured loans require collateral. The lender won’t approve a secured loan if a borrower doesn’t agree to provide an asset as insurance.
In personal finance, a guarantor loan is a type of unsecured loan that requires a guarantor to co-sign the credit agreement. A guarantor is a person who agrees to repay the borrower’s debt should the borrower default on agreed repayments.
Secured and unsecured personal loans work for similar purposes. Find out the key variations between each of these loan types.Image source: Getty Images.
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, and if the borrower defaults , the creditor takes possession of the asset used as collateral and may ...
Some secured loans can only be used for its intended purpose. Secured loan vs. unsecured loan. Some loans, such as personal loans, can be either unsecured or secured, depending on the lender. If ...