As you can imagine, this can get quite scary. But this is often only done when you're actually buying a house. The lender can seize control of the house if you're unable to pay back your loan.
Introduction
Q1: What is a secured loan and what is an unsecured loan?
Q2: What's the difference?
Q3: What can I use as security for my secured loan?
As you can imagine, this can get quite scary. But this is often only done when you're actually buying a house. The lender can seize control of the house if you're unable to pay back your loan.
Similar to the house option, secured car loans are quite common business. You get the cash for the car, but if you can't pay it back, the car races down memory lane.
This is generally only for use when you're trying to get a business loan. Don't own a business? Don't worry about this.
Q4: What happens if I default on my secured personal loan?
Q5: What type of car loan do I go for?
There's no wrong answer
Disclaimer: This article contains general information only, and is not general advice or personal advice. Wisr Services does not recommend any product or service discussed in this article. You must get your own financial, taxation, or legal advice, and understand any risks before considering whether a product or service discussed in this article may be appropriate for you. We have taken reasonable efforts to ensure that the information is accurate at the time of publishing, but the information is subject to change. We may not update the article to reflect any change.