Question by Rainmaker808: What exactly are unsecured and non secured loans? How are they different from secured loans?
Best answer:
Answer by CYH-W
secured loans have a locked in intrest rate nonsecured and unsecured (which is the same) does’nt
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Secured loans are given with something stated as collateral ( you don’t pay your loan, we take your house, car, etc.) Non-secured loans are more like personal lines of credit. They are harder to get, and tend to be higher interest.
A secured loan is money loaned to you by a financial institution that is backed by something valuable, known as collateral – your home, your business or something of established value. If you don’t pay the loan back, you lose the item of value.
An unsecured loan is money loaned that has no guarantee of repayment. If you go on vacation and use your credit card, and then don’t pay – there is little the credit card company can do, except charge you finance charges and maybe turn you over to creditors.
Non-secured loan is a British term and I don’t really understand the circumstances surrounding this type of lending.