Key Differences Between Secured And Unsecured Loans

Key Differences Between Secured And Unsecured LoansKey Differences Between Secured And Unsecured LoansAuthor: Peter KennyGetting a loan can be a long winded process, as there are many different loan products to choose from, with different loans available to suit different needs and circumstances. Before you apply for a loan you need to make decisions with regards to the type of loan you are looking for, and one decision that you need to make is whether you are looking to take out a secured or an unsecured loan. Secured and unsecured are the two main loan types, and all loans come under one of these categories. There are key differences between these two loan types and the eligibility requirements for each of these loans types also varies, which means that some people may be eligible for both loan types, whereas others may only be eligible for one or the other.

You need to carefully check the eligibility requirements in order to ensure that you do not waste your time applying for a loan that you do not even qualify for. A secured loan is a loan that is secured against an asset, and usually this is the home, which means that you must be a homeowner to take out a secured loan. An unsecured loan, on the other hand, is not secured against any asset, and is based on contract and trust. Because of this the risk to the lender is greater, and therefore you will usually need to have a good credit history and rating to get an unsecured loan, although you do not have to be a homeowner.

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