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What’s the difference between ‘Secured’ and ‘Unsecured’ loans?

A secured loan is backed by collateral, which means the borrower pledges an asset (like a car or property) to the lender, and the lender can seize the asset if the loan is not repaid.

An unsecured loan does not require any collateral but sometimes has a higher interest rate due to the increased risk for the lender. This is especially true if the borrower has lower credit.

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