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What is the difference between a secured and unsecured loan?

On Behalf of | Jul 22, 2016 | Asset Forfeiture

There are numerous opportunities for Eugene residents to get loans, even if they are recovering from a personal bankruptcy. It can be a good thing to have a line of credit, as long as you manage it carefully. Being responsible with debt can help raise your credit score and give you more opportunities for major loans in the future, such as an auto or home loan.

When considering your loan options, you might have heard the terms “secured” and “unsecured” loans. These two loan types each have their own benefits and drawbacks. According to NerdWallet, a secured loan is one in which you put up collateral in case you become delinquent. This collateral could include your house or car. With an unsecured loan, on the other hand, you do not offer any collateral. An unsecured loan has the advantage of not putting your assets at risk if you are unable to repay it. However, unsecured loans also come with a higher interest rate, and you generally need good credit in order to be approved for one.

Secured loans are easier for those with not-so-great credit to get, and interest rates can be lower. Additionally, the interest rate on a secured loan may be adjustable. The biggest downside to a secured loan is that you may lose property if you cannot pay it back. However, secured loans are in use by a large number of consumers, making them a popular and viable option for building or repairing your credit, and your risk should be relatively low as long as you keep up on your payments.

As with any major financial decision, you will need to carefully consider both options and your own situation before deciding to pursue a secured or unsecured loan. This information should not replace the advice of a lawyer.

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The Law Office of Kim Covington, is a woman owned debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 24 years.