What exactly are unsecured and non secured loans? How are they different from secured loans?

March 3, 2010

in Secured loans

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{ 3 comments… read them below or add one }

CYH-W March 4, 2010 at 12:07 am

secured loans have a locked in intrest rate nonsecured and unsecured (which is the same) does’nt

UNITool March 4, 2010 at 12:15 am

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.

writerbynature March 4, 2010 at 12:50 am

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.

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