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Originally Posted by jennys
What is the Difference between Unsecured and Secured Loans?
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Unsecured Loans basically are given as personal loan and business loan. Unsecured meaning without any actual collateral or security. It is a great useful for various salaried or self-employed person in getting a business loan or personal loan without any security. The rate of interest is usually high and starting from 18% onwards.
Secured loans are provided under any collateral or security like house, plot, jewels, shares and even insurance as a security against their loan amount. The interest rate is much less than unsecured loans.