answersLogoWhite

0

Secured loans are backed by an asset, to be collateral in case the borrower defaults on the loan. An unsecured loan does not have this and usually costs more and has a higher risk to the bank.

User Avatar

Wiki User

11y ago

Still curious? Ask our experts.

Chat with our AI personalities

ProfessorProfessor
I will give you the most educated answer.
Chat with Professor
BlakeBlake
As your older brother, I've been where you are—maybe not exactly, but close enough.
Chat with Blake
SteveSteve
Knowledge is a journey, you know? We'll get there.
Chat with Steve

Add your answer:

Earn +20 pts
Q: What is the difference between secured and non secured loans?
Write your answer...
Submit
Still have questions?
magnify glass
imp