The main differences between secured and unsecured loans include:
Require an asset to secure the loan against —usually this is your property in order to get a secured loan • Tend to be for larger amounts. • Tend to be over a longer period of time. • Can result in lower interest rates.
Do not secure the loan against your assets. • Typically these are for smaller amounts ranging from £1,000 – £25,000 • Tend to be for a shorter period of time. • Interest rates may be higher than a secured loan