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What is the difference between secured and unsecured personal loans?

In my math project I have to explain the difference between these two types of loans when getting a car loan, and why I have to use an unsecured loan when the secured loan interest rates are lower. If someone could explain this to me, I would give them a best answer vote.

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2 Responses to “What is the difference between secured and unsecured personal loans?”

  1. Jim L said :

    A secured loan has collateral backing it – such as the car. In other words, if you defaulted on the loan the bank can repo the car. In an unsecured loan there is no collateral – the bank gives you a loan solely on your signature. I don’t know that a bank would give you a car loan unsecured.

  2. WILLIAM SMITH said :

    Dear Sir,
    if you are in need of a fast loan support with less percentage

    interest then, the right to contact is WILLIAMS SIMTH LOAN SUPPORT.

    You will have your loan approved in less than 2days with the rigth

    documents of identification.

    contact them at [email protected]

    i bet you won’t regret if you apply for a loan


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