All about Canadian credit cards. Learn the ins and outs and get the latest news.
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The two most common types of loans are secured and unsecured loans. Whether you’re looking to borrow money for a new car or even a vacation, it’s best to understand your options before applying.
What is a secured loan?
Secured loans are generally more customizable and negotiable. They can have either have a fixed or variable interest rate and can last for a set or variable amount of time.
You can likely borrow a lot more at a lower interest rate with a secured loan, because you are generally required to put up some form of collateral for approval. A common example of a secured loan is a mortgage, in which your home is the collateral. If you are unable to make your mortgage payments, your house can be taken away, in what’s known as foreclosure.
And though your credit history will be considered, your current credit score doesn’t bare as much weight in the approval process. Secured loans can still be a great option for those who are having a hard time getting a loan due to their poor credit rating…