In the World of loans, you will come across secured and unsecured loans. You may have heard and even availed an unsecured personal loan to cover your multiple needs. But what when it comes to being the best, which is a better alternative between secured vs unsecured loan? Let’s explore more in this post! What is a secured loan? As the name suggests, a secured loan is something that you need to pledge collateral and keep security against to get the approval. The best example of a secured loan is a home loan. What are the benefits of a secured loan?
What is an unsecured loan? The best example of an unsecured loan is that of a personal loan. It means that you don’t need to submit any collateral to get the loan approval. Your cibil score, employment and repayment history are considered vital to assess your creditworthiness. What are the advantages of an unsecured loan?
You are now aware of the basic difference when it comes to secured vs unsecured loan. Both are good in their own ways, and you may avail for one as per your needs. Additional Read: Need To Know The Difference Between Secured And Unsecured Loans
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AuthorAman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management. |