Key Differences Between Secured And Unsecured Loans
There are some basic key differences between secured and unsecured loans, which could help you to make your decision when it comes to choosing the most suitable loan type. When it comes to borrowing power the secured loan offers far greater borrowing potential based on the equity level in your home and other factors, whereas the unsecured loan usually offers a maximum of 25,000 based on your financial and credit status amongst other things.
Another key difference between a secured loan and an unsecured loan is the repayment terms and periods available. Most unsecured loans offer repayment periods of up to five years, although some may offer as long as seven or even ten years. However, with unsecured loans you can enjoy far longer repayment periods, and this means that you can spread your borrowing over a far longer term, which can help to keep your monthly repayments down. Another thing to bear in mind that is that if you have damaged credit you may find that you are unable to get an unsecured loan, because lenders will usually require you to have a good credit history. However, because secured loans are secured against the home the risk to the lender is lower, and therefore those with bad credit may find that they can still get a secured loan even if they are not able to get an unsecured loan.About the Author:Peter Kenny has been writing financial articles for 10 years and is a writer for The Thrifty Scot, please visit us at Secured Loans and Personal Loans Visit Set Out To Reduce Your Household BillsArticle Source: ArticlesBase.com - Key Differences Between Secured And Unsecured Loans
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