Secured loan vs unsecured loan
This will depend on the terms of the loan. M any lending companies will only lend if security is provided. Very often the interest rate will be lower on a secured loan than on a comparable unsecured loan. A secured loan may offer more flexible repayment periods. In many instances secured loans can be repaid over a longer period with a lower monthly repayment. It is important that you read any loan agreement carefully.
Pay particular attention to the rate of interest required, the term of the loan, the repayments required and the total amount payable.