What is difference between Secured and Unsecured Loans?

[philipmould]

Hi,

I know the basic difference between Secured and Unsecured Loans. but I want to know the main difference which divide him in two part. Also tell me that personal loan are available with unsecured loan. and the ask4loan.co.uk able to help in critical circumstances.

[OregonLO]

the main difference is going to be that the secured loan is that...secured by some form of collateral.

a boat, car, house, RV...etc. something of value that they can put a lien against.

Unsecured would just be a loan period based on your credit and income. Lower interest rates for the secured, higher for the unsecured.

higher risk = higher rates.