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8 August, 11:48

The difference between a secured loan and an unsecured loan is blank

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  1. 8 August, 11:50
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    A secured loan has claim on assets in case the lender defaults. For example, a home buyer takes out a loan (secured against the home) with a bank to buy home. If the home buyer can't make repayments (or even goes bankrupt), the bank can sell the home to recover their lost money.

    An unsecured loan does not have claim on any assets. All else being equal, an unsecured loan has higher interest rate.
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