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Secured Loan vs Unsecured Loan

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Secured Loan vs Unsecured Loan

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  1. Secured Loan vs Unsecured Loan Are you confused between a secured loan or an unsecured loan? Here is a guide to help you understand them better: 01 A secured loan is protected by an asset in the form of collateral whereas an unsecured loan is not protected by collateral. 02 Unsecured loans are offered solely on the creditworthiness of a borrower unlike secured loans which are offered based on the worth of a collateral. 03 Secured loans offer lower rates, higher borrowing limits and longer repayment terms, while unsecured loans usually have higher rates, lower borrowing limits & shorter repayment terms. 04 Examples of secured loans are home Equity, mortgage, auto loan, etc. and examples of unsecured loans include credit cards, personal loans, student loans, etc. www.gctfcu.net Greater Central Texas Federal Credit Union 3305 E. Elms Rd., Killeen, TX  76542 Phone: (254) 690 - 2274 Image Source: Designed by Freepik

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