Question by : Is there any one Who Define me-Secured Loan Vs Unsecured Loans?
Best answer:
Answer by Adam N
secured is when they ask for collateral like a house or car or something, so if you can?t repay the debt they take the collateral instead. An example of a secured loan is a mortgage.
Unsecured is when they don?t ask for collateral. An example is a credit card.
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