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secured vs unsecured loans

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Money Talk > Credit & Loans

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steelson6
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secured vs unsecured loans  Reply with quote  

i am looking at getting a a personal loan the problem is i can't decide between a unsecured personal loan or a secured one. What are the pros and cons of each and which one should i choose?

Edited for spam - Mr Jepps Se
Post Fri Jan 15, 2010 8:06 pm
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iwillguide
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hi  Reply with quote  

The current credit crunch is really starting to bite for those seeking unsecured loans. Lenders are becoming increasingly reluctant to lend money because of the increased likelihood of redundancy and resultant unsecured loan default.i think choice is yours depend on your situations

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Post Sat Jan 16, 2010 6:09 am
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Raptor
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I say if you can secure the loan then do so, it will result in a substantial lower interest rate, and additionally the amount of money you are looking to borrow will be a factor. A lender will loan up to a determined percentage of the asset on collateral. Unsecure loans will be limited and you may require a larger amount.
Post Mon Jan 18, 2010 4:52 pm
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Elmira Nancy
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If you get a secured loan the payments should be substantially better that an unsecured loan. It doesn't matter which you do but get something for it if you are giving them a secured loan.

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Post Sat Jan 23, 2010 5:51 am
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alexender
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It is better to go for a secured loan as they are secure and there are a less chances of getting problems. I am sure that many people will surely like it.
Post Thu Feb 11, 2010 10:17 am
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Stuartthomas
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Secured loans are the most conventional method of financing large sums of money. Even in older times people used to take loans to use in agriculture or other such needs by keeping their lands as security. Unsecured loans, on the other hand are of a recent origin. Since secured loans required the borrower to keep his home as collateral, many people who were without homes or who did not prefer attaching homes to obligations were left without finance. This also hampered the lending business of the lenders because the group was sizable. Thus, unsecured loans were launched as an alternative to the secured loans.
Post Fri Aug 13, 2010 7:20 am
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creditcrack
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Secured Loans

The initial loan type is referred to as secured loan. What is it? Secured loans are the most accepted way for financing large sums of money. Secured loan is a debt classification in which the lender has been given a portion of the rights to a specific property usually the borrower’s home as collateral. This means if you entered into a secure loan and you failed to make payments for that loan, the bank or lender can repossess your home. Because of this, secured loans became unpopular because there are many people who believe that by offering their home as collateral they are forced to move from their home.


Unsecured Loans

The second type is called unsecured loan. What is unsecured loan? Unsecured loans were developed as an alternative to the secured loans. It’s a debt that’s not tied to any piece of property or real estate. However unsecured loans are more costly than the secured loans.
Post Thu Aug 19, 2010 12:10 pm
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davidrees012
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quote:
Originally posted by creditcrack
Secured Loans

The initial loan type is referred to as secured loan. What is it? Secured loans are the most accepted way for financing large sums of money. Secured loan is a debt classification in which the lender has been given a portion of the rights to a specific property usually the borrowers home as collateral. This means if you entered into a secure loan and you failed to make payments for that loan, the bank or lender can repossess your home. Because of this, secured loans became unpopular because there are many people who believe that by offering their home as collateral they are forced to move from their home.


Unsecured Loans

The second type is called unsecured loan. What is unsecured loan? Unsecured loans were developed as an alternative to the secured loans. Its a debt thats not tied to any piece of property or real estate. However unsecured loans are more costly than the secured loans.


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Post Fri Aug 20, 2010 8:29 am
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jason_simpson
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If you have a good credit score (preferably over 700) then its better that you opt for a Unsecured Loan. As you already have a good credit history and hence you dont have to put anything as collateral against the loan. You can also get good loan deals with less interest rates if you have good credit

But if you have a bad credit, then probably you should opt for a secured loan as you would not get the best loan deals or maybe even not get approved for an unsecured loan.
Post Sat Aug 21, 2010 5:32 am
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Ashley Watson
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Re: secured vs unsecured loans  Reply with quote  

quote:
Originally posted by steelson6
i am looking at getting a a personal loan the problem is i can't decide between a unsecured personal loan or a secured one. What are the pros and cons of each and which one should i choose?

Edited for spam - Mr Jepps Se


In secure loan Secured loans the most accepted way for financing large sums of money. Secured loan is a debt classification in which the lender has been given a portion of the rights to a specific property usually the borrowers home as collateral.
insecure loan Unsecured loans were developed as an alternative to the secured loans. Its a debt thats not tied to any piece of property or real estate. However unsecured loans are more costly than the secured loans.
Post Tue Aug 24, 2010 11:00 am
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dthomas
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The type of loan you should apply for depends on your financial situation. What is your credit score? How much do you need to borrow? How long will it take you to pay back the amount you borrow?
Consider those questions as well as this - secured loans require you to put up collateral, unsecured loans do not - but they will charge fees and higher interest.
Post Wed Apr 27, 2011 8:11 pm
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wrathkitten
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wrathkitten
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