{"id":237,"date":"2016-06-15T10:24:14","date_gmt":"2016-06-15T10:24:14","guid":{"rendered":"http:\/\/www.extramilefinance.uk\/blog\/?p=237"},"modified":"2016-06-15T10:24:14","modified_gmt":"2016-06-15T10:24:14","slug":"know-the-main-difference-between-secured-and-unsecured-loans","status":"publish","type":"post","link":"https:\/\/www.extramilefinance.uk\/blog\/know-the-main-difference-between-secured-and-unsecured-loans\/","title":{"rendered":"Know the Main Difference Between Secured and Unsecured Loans"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_52 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e27ee8c88ab\"><span class=\"\"><span style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e27ee8c88ab\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.extramilefinance.uk\/blog\/know-the-main-difference-between-secured-and-unsecured-loans\/#Know_about_Secured_Loans\" title=\"Know about Secured Loans\">Know about Secured Loans<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.extramilefinance.uk\/blog\/know-the-main-difference-between-secured-and-unsecured-loans\/#What_are_Unsecured_Loans\" title=\"What are Unsecured Loans?\">What are Unsecured Loans?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\">Before applying for a loan, you should have understanding on which type of loan would be more suitable for your financial requirement. If you are not sure about such things, then it might be difficult for you to come at appropriate conclusion. Secured and unsecured loans are among those vital financial options, which are quite different in nature and for diverse financial purposes.<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Know_about_Secured_Loans\"><\/span><strong>Know about Secured Loans<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">When you apply for a secured loan, you need to put collateral to secure your loan money. The collateral may be in the form of your home or car or any other personal property. The lender owns the right to take possession of your collateral in case you not repay the amount within the given schedule. However, you can ask for higher amount to borrow through secured way of a loan because you have given the collateral. Moreover, the interest rates are quite flexible or variable in secured loans as compared to the unsecured one.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"What_are_Unsecured_Loans\"><\/span><strong>What are Unsecured Loans?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Unlike\u00a0<a href=\"https:\/\/www.extramilefinance.uk\/loans\/secured.html\">secured loans<\/a>, the people, to get a small amount of money, usually borrow the unsecured loans and that would be on immediate basis. Moreover, people borrow them when they have an acute shortage of funds due to financial emergency. In the secured loan, the application process is quite longer where many papers are required from borrowers\u2019 end. On the other hand, the approval procedure in unsecured loans is smaller and quicker. In fact, most of the loan agencies provide them on the method of online where no documents are required. At the same time, they have high interest rates in comparison to the secured loans because borrowers are not providing security to borrow a loan.<\/p>\n<p style=\"text-align: justify;\">Hence, the difference between\u00a0secured and unsecured loan\u00a0options is quite clear. Now, it is all up to you to decide which one would be most appropriate for your financial stability.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Before applying for a loan, you should have understanding on which type of loan would be more suitable for your [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":238,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5,14],"tags":[112,113,115,116],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/posts\/237"}],"collection":[{"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/comments?post=237"}],"version-history":[{"count":0,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/posts\/237\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/media\/238"}],"wp:attachment":[{"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/media?parent=237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/categories?post=237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/tags?post=237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}