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A secured loan is a type of loan that is backed by collateral, which is an asset that the borrower pledges to the lender as security for the loan. If the borrower fails to repay the loan, the lender has the legal right to seize the asset to recover the loan amount. Secured loans often come with lower interest rates compared to unsecured loans because they present less risk to the lender.
An unsecured loan is a type of loan that doesn’t require any collateral. It’s based on the borrower’s creditworthiness and ability to repay. Ideal for personal and business needs, this loan offers quick access to funds without risking any assets. Common uses include home renovation, medical emergencies, and business expansion. Approval depends on factors like credit score, income, and repayment history.
