What is unsecured loan

by , 30 Apr 2012Open Question

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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.

by Bonz1957, 30 Apr 2012

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