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What's the difference between a secured and unsecured loan?

What's the difference between a secured and unsecured loan?

A secured loan means you nominate an acceptable asset of yours (something valuable you already own) as security against the money you’ve borrowed. It means if you’re unable to repay the loan, we may be able to sell the asset to pay towards your loan.

An unsecured loan is a loan without an asset as security for the debt. The interest rate for an unsecured loan is usually higher than a secured personal loan since this is a higher risk scenario for the bank.

Greater Bank offers both secured and unsecured personal loans to suit your needs.