hi friends m new in this forum and my name is samule form uk. I m looking for loan to buy a new home but can't get it due to bad credit card, but one my friend ask me to take secured loan but i don't know much about this. does any one there tell me What is the difference between an unsecured and a secured loan?
A secured loan is one secured by some sort of security--a house, a car, etc. Your friend may be talking about one which is secured by savings. You have a certain amount in a savings account, and that amount is frozen so that you can't withdraw it until you pay off the loan. You make the payments as usual and build up a payment history. An unsecured loan is one which is given on your signature only, you don't pledge any security. This site is pretty much frequented by US residents and those versed in US law. We will not be able to help you much here.
