Unsecured vs Secured Fast Loan Red Deer Alberta: What’s the Difference?

There will come a time when you’ll need extra money. You have several options available to you, like borrowing from family and friends or getting a fast loan Red Deer Alberta. With the latter, you’ll have to also decide whether you want to get a secured loan or an unsecured one. What’s the difference, you ask? Read on to find out.

Difference Between Secured and Unsecured Loans

When it comes to borrowing money, the lender might be content with your promise to pay back the loan or require that you use an asset as security. That’s essentially how unsecured and secured loans work. Secured loans are backed by an asset. For instance, bad credit auto loans require the borrower to offer their car as collateral. You’ll also agree that the lending company can repossess your collateral if you miss payments or default on the loan.

Meanwhile, unsecured loans don’t need collateral. Student loans and personal loans are two popular examples. This loan isn’t tied to any asset and the lending company can’t seize anything to repay the loan. You’ll need a good credit score and a steady income in order to qualify and get approved for this loan. Regardless of what loan you choose, the lending company will report your payment history to credit bureaus. So, if you want to improve your credit score or maintain a good rating, you should make sure you pay your loan on time.

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