Answers (1)
Hi omotee
An unsecured loan is one which is not secured on an asset, so if you were to default they would chase you for the money. Whereas a secured loan could be one taken out using your house as the asset, so if you defaulted the loan company would be able to recover the money from the value of your house.
Posts within the money.co.uk community represent the views, experiences and opinions of members and experts only. They should not be taken as financial advice and should not be followed without further research.
Get our free money saving newsletter
Join over 480,000 other subscribers who grab our expert money tips, unmissable money guides & hottest bargains each week in our special email...
More Questions on Loans
Join Our Community
Get fast answers to your money questions, Expert insight, top tips & much more...
