{"id":3795,"date":"2022-05-27T07:24:05","date_gmt":"2022-05-27T11:24:05","guid":{"rendered":"https:\/\/fundingzest.com\/?p=3795"},"modified":"2022-11-09T10:14:00","modified_gmt":"2022-11-09T15:14:00","slug":"whats-the-difference-between-secured-loans-and-unsecured-loans","status":"publish","type":"post","link":"https:\/\/fundingzest.com\/guides\/whats-the-difference-between-secured-loans-and-unsecured-loans\/","title":{"rendered":"What&#8217;s the Difference Between Secured Loans &#038; Unsecured Loans?"},"content":{"rendered":"[vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]<span style=\"font-weight: 400;\">So, What&#8217;s the Difference Between Secured Loans &amp; Unsecured Loans? There are two types of loans that you can take out unsecured and secured. Unsecured loans require a credit check and information that you supply such as income, employment, housing, and current debt levels. Unsecured loans don\u2019t require a credit check. To receive an unsecured loan you put up collateral which is an asset that you own outright. This asset must have enough value to satisfy the lender that you are a good loan risk.<\/span><\/p>\n<h2><b>Key Factors:<\/b><\/h2>\n<ul>\n<li><span style=\"font-weight: 400;\">For a secured loan, you put up something of value to \u2018secure\u2019 the loan, called collateral<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Lenders give unsecured loans outright (without collateral) when you qualify<\/span><\/li>\n<li><span style=\"font-weight: 400;\">You can take out up to 3 personal loans at one time<\/span><\/li>\n<li><span style=\"font-weight: 400;\">People who are not approved for unsecured loans often go for a secured loan where there is no credit check<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Over 51% of Americans, approximately <\/span>131 million said they\u2019ve taken out a personal loan<\/li>\n<li>80% of Americans have some consumer debt i.e. credit card, personal loan, etc.<\/li>\n<li>Not including debt from mortgages, the average American has about $38,000 in debt<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Before you begin to look at loans there are lots of things to think about. First of all, what type of loan suits your situation? Will it be a secured loan or an unsecured loan? Learn what you need to know and what information you\u2019ll want available as you begin the application process.<\/span><\/p>\n<h2><b>Unsecured versus Secured Loans<\/b><\/h2>\n<p><b>Unsecured Loans:<\/b><span style=\"font-weight: 400;\"> An unsecured, personal or <\/span><b>payday loan<\/b><span style=\"font-weight: 400;\"> comes from a lender who considers your financial and personal information before extending the loan. Lenders do a credit check and look at income, employment, housing, and additional debt you may have before approving your loan.<\/span><\/p>\n<p><b>Secured Loans<\/b><span style=\"font-weight: 400;\">: There is no credit check so if you have a bad credit history a secured loan may be your only option. You will be required to put up collateral. Collateral can be any asset that you own outright and that is of enough value to \u2018secure\u2019 the loan. Lenders will need proof of ownership and some proof of assurance of the collateral item\u2019s value.\u00a0\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_video link=&#8221;https:\/\/youtu.be\/Mg_q8wz9BtI&#8221; el_width=&#8221;50&#8243; align=&#8221;center&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h2><strong>Questions to Ask Yourself Before You Take Out a Secured or Secured Loan<\/strong><\/h2>\n<h3><b>What Should I Consider Before Taking Out a Loan?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Before considering any type of loan look at and consider all options. Could you borrow from family and friends instead? Could a local credit union give you better terms than other lenders? Do you have a good credit history and a longstanding relationship with your bank that could help you?<\/span><\/p>\n<h3><b>Why Do I Want to Take Out a Secured or Unsecured Loan?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Getting cash by taking out a loan can be a lifesaver, especially for one-off emergency expenses like hospital bills, home repairs, or car emergencies. Having said that, are you considering a personal or payday loan just for a fun event like going on vacation or a shopping spree? Then, you may want to stop and carefully consider how this can affect your debt and credit score before taking out a loan.<\/span><\/p>\n<h3><b>How Can Defaulting on a Loan Hurt My Credit History?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">You may be tempted to think not paying back a little loan won\u2019t hurt. You may say to yourself \u201cIt\u2019s just a little $300 loan so if I don\u2019t pay it back it won\u2019t be a big deal.\u201d I\u2019m here to tell that it can be a <\/span><b>very big deal<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you don\u2019t pay your loan back, any loan, your credit history will be affected and will in turn hurt your chances of getting other loans in the future. Even for a more significant loan like a home loan, car loan or college loan. You may be turned down due to the non-repayment that hurt your credit history.<\/span><\/p>\n<h3><b>Can a Bad Credit History Limit My Loan Options \u2013 Secured vs Unsecured Loans?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Yes. A bad credit history definitely limits the <a href=\"https:\/\/fundingzest.com\/guides\/where-can-i-get-a-bad-credit-loan\/\">types of loans you can get.<\/a> Not only that, bad credit affects the interest rate and size of the loan a lender would offer you. Over the life of your loan, you could spend hundreds maybe even thousands more depending on the rates and terms lenders give you.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, if your credit history and credit score are bad enough, your only loan option could be a secured loan. When you take out a secured loan, you have to put up collateral against that loan. This ensures the lender that they can recoup their costs if you default on your loan. The lender then puts a lien on that asset you\u2019ve put up. Once you pay off the loan then the lender removes the lien.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For instance, say you put up your \u201965 Mustang worth $30,000 to take out a $7,000 loan (generally lenders will let you borrow up to 25% of your car\u2019s value). Then if you find that you can\u2019t make your payments, the lender can seize your car.<\/span><\/p>\n<h2><b>What Types of Assets Can I Put Up as Collateral for My Secured Loan?<\/b><\/h2>\n<ul>\n<li><span style=\"font-weight: 400;\">Your home or another type of real estate<\/span><\/li>\n<li><span style=\"font-weight: 400;\">You can use your checking, savings or money market accounts even CDs<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Trucks, cars, trucks, SUVs, motorcycles, yachts!<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Investments such as stocks, mutual funds or bonds<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Policies with enough value including life insurance<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Valuables like jewelry and collectibles such as art, antiques, etc.<\/span><\/li>\n<\/ul>\n<h2><b>How Many Secured Loans Can I Have?<\/b><\/h2>\n<p>It depends on the lender\/s. It\u2019s possible to have up to 3 personal loans simultaneously from one lender. If you use several lenders then there isn\u2019t a limit as long as you have enough valuable assets to offer up as collateral.<\/p>\n<h2><b>How Many Unsecured Loans Can I Have?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">For unsecured loans, the limiting factor would be your debt-to-income ratio. If you have too much debt accrued and not enough income to make you a good loan risk, you\u2019ll have problems being approved for additional loans.<\/span><\/p>\n<h2><b>Can I Take Out a Secured or Unsecured Loan to Pay off Another Loan?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Yes, you can. This is usually called a debt consolidation loan. When you take out this type of loan sometimes the stipulation is that the new lender pays off the other debt directly and then you make any payments to your new lender at a new interest rate to pay off your consolidation loan.<\/span><\/p>\n<h2><strong>If I Default on an Unsecured Loan Does It Go On My Credit History?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Yes and if it involved your lender repossessing an item than that information can stay in your credit history report for as much as 7 year. It\u2019s important to <a href=\"https:\/\/www.equifax.com\/personal\/education\/credit\/score\/how-to-check-credit-score\/\">check your credit score<\/a> and credit history each year to make sure it\u2019s accurate. Errors can happen so you want to bring them to the attention of the credit report company.<\/span><\/p>\n<h2><b>What Can I Do to Improve My Credit History to Get an Unsecured Loan?<\/b><\/h2>\n<ul>\n<li><span style=\"font-weight: 400;\">Register to vote \u2013 lenders use this as a form of i.d.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Pay off any credit card balances right away<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Get rid of extra credit cards that you don\u2019t use &#8211; too many on your record (whether you use them or not) has the appearance that you could use too much credit<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Read:\u00a0<a href=\"https:\/\/fundingzest.com\/guides\/how-can-i-improve-my-credit-score\/\">How Can I Improve My Credit Score?<\/a><\/span><\/p>\n<h2><strong>Bottom Line:<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Look at all your options before going for a loan &#8211; secured or unsecured. Make sure you have a plan to repay your loan because if you default it affects your credit score and the possibility of taking out future loans.<\/span>[\/vc_column_text][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":"<p>[vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; 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