A secured loan is a loan which has been secured against an asset, in most cases a property. This reduces the risk to the lender as if the borrower defaults on paying the loan back, the asset can be sold by the lender to reclaim some if not all of the monies.
An unsecured loan poses a much greater risk to the lender and the higher interest rates reflect this risk. If the borrower defaults on paying this type of loan back, the lender only has the option of issuing a default against the borrower reducing the likelihood of the borrower getting furtutre credit.
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