2007-05-08 07:15:20 · 5 answers · asked by LACEY 1 in Business & Finance ➔ Credit
We own our home and our vehicles, but want a loan to redo our roof. and that was one of the questions on the form. so do we need a secure or a non secure loan? thanx
2007-05-08 07:34:37 · update #1
well... it depends on how much money you need to re-fix the roof...I prefer that you should go for unsecured loans if your credit score is good because it doesn't require any assets to keep it in securiry. just security PDC's (Post Dated Cheques) and your agreement with the financial institution.
2007-05-08 08:58:42 · answer #1 · answered by Gyan Guru 1 · 1⤊ 0⤋
An unsecured loan is backed only by your signature (your word) stating that you will repay the loan. A secured loan is backed by collateral such as a car, house or an item that has value. When you purchase a car, the bank or whomever supplied the loan for the car holds the title or proof of ownership until the final payment is made.
2007-05-08 07:28:16 · answer #2 · answered by Devin's mom 4 · 1⤊ 0⤋
For a secured loan, you have to put up some collateral in order to borrow. For an unsecured loan, you do not.
2007-05-08 07:18:13 · answer #3 · answered by katzchen75 4 · 1⤊ 0⤋
With a secure loan, there is collateral involved in order to receive it.
Unsecured loans, are unattached to anything. you just owe the money
2007-05-08 08:05:27 · answer #4 · answered by Anonymous · 0⤊ 0⤋
secure loan are for homeowners and nonsecure or unsecure are for tenants or none home owners, sometimes with a poor credit score!
2007-05-08 07:29:12 · answer #5 · answered by the noel 1 · 0⤊ 0⤋