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Sagot :
Secured loans exist as loans for which the borrower posts some collateral. This exists in contrast to loans that exist created only on the ground of creditworthiness and trust in the borrower, for which no collateral exists pledged (unsecured loans).
What is the difference between a secured loan and an unsecured loan?
The difference between a secured loan and an unsecured loan exists a secured loan needs collateral and an unsecured loan does not.
Secured loans exist backed by an asset, like a house in the case of a mortgage loan or a car with an auto loan. An unsecured loan on the other hand lives not connected to any of your assets and the lender can't automatically seize your property as payment for the loan.
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