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What Is The Difference Between A Secured And An Unsecured Loan?

April 26, 2017difference loan secured unsecured

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What Is The Difference Between A Secured And An Unsecured Loan?

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A secured loan means you borrow a sum of money and put up something of value as security – e.g. your home. An unsecured loan means there is no danger of losing your home if you cannot keep up with the payments but you could be taken to court instead. An unsecured loan will normally cost you more on account of higher interest rates.